Climate Activist Hedge Fund Engine No. 1 Is Buying These 5 Energy Stocks

1. Exxon Mobil Corporation (NYSE: XOM)

Number of Hedge Fund Holders: 68   

Exxon Mobil Corporation (NYSE: XOM) is ranked first on our list of 10 energy stocks climate activist hedge fund Engine No. 1 is buying. The firm has interests in the oil and gas business and operates from Texas. According to the latest filings, Engine No. 1 owned 930,925 shares in the company at the end of June 2021 worth $58 million representing 16.1% of the portfolio. 

On July 23, investment advisory Piper Sandler maintained a Neutral rating on Exxon Mobil Corporation (NYSE: XOM) stock and raised the price target to $69 from $63, noting that crude oil tightness was adding momentum to robus free cash flow outlook for energy firms. 

At the end of the second quarter of 2021, 68 hedge funds in the database of Insider Monkey held stakes worth $3.6 billion in Exxon Mobil Corporation (NYSE: XOM), up from 65 in the preceding quarter worth $2.7 billion. 

In its Q1 2021 investor letter, Harding Loevner highlighted a few stocks and Exxon Mobil Corporation (NYSE: XOM) was one of them. Here is what the fund said:

“We felt that our remaining energy holding, ExxonMobil, with its stronger balance sheet, was in a better position to ride out the cyclical slump in oil demand and even perhaps take advantage of it by investing counter-cyclically. While ExxonMobil does plan to increase capital expenditure, we’ve been disappointed in its regrettable failure to address ongoing emission trends, which reflects poorly on management’s foresight. As a result, we sold our ExxonMobil holdings.”

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