5 Best Plastics Stocks To Buy Now

4. Exxon Mobil Corporation (NYSE:XOM)

Number of Hedge Fund Holders: 72

Exxon Mobil Corporation (NYSE:XOM) is a Texas-based integrated energy giant with significant exposure to the plastics industry.

The company is a producer of plastic products for the agricultural, building and construction, healthcare, and packaging industries. Three top-notch technological centers are operated by Exxon Mobil Corporation (NYSE:XOM) in Texas, Belgium, and China, where employees develop plastics, polymers, and related products.

Utilizing its ExxtendTM technology for the high-tech recycling of plastic waste, Exxon Mobil Corporation (NYSE:XOM) executed its first sale of certified circular polymers to Berry Global in February. Berry Global is a well-known supplier of cutting-edge packaging products and plans to employ circular polymers to mass-produce containers for food-grade packaging.

On October 18, Lloyd Byrne at Jefferies upgraded Exxon Mobil Corporation (NYSE:XOM) from a Hold to a Buy rating and increased the target price from $90 to $133. The analyst sees higher commodity prices to aid the company in generating healthy cash flows.

Here’s what First Eagle Investments said about Exxon Mobil Corporation (NYSE:XOM) in its Q2 2022 investor letter:

“Integrated oil and gas giant Exxon Mobil performed well in the second quarter as continued high prices for energy products supported the stock. As the largest refiner in the US, the company has benefitted from wide “crack spreads,” or the margin between the cost of crude oil and the petroleum products extracted from it. Exxon continues to invest in refining capacity in the US, which industrywide has been in steady decline since 2019. We are pleased that Exxon has been using its strong cash flows to reduce debt and to return cash to shareholders through dividends and stock repurchases.”