This article presents an overview of These 5 Stocks Can Skyrocket if Donald Trump Wins US Election 2024. For a detailed overview of such stocks, read These 10 Stocks Can Skyrocket if Donald Trump Wins US Election 2024.
5. Axon Enterprise Inc (NASDAQ:AXON)
Number of Hedge Fund Investors: 37
Last month, Goldman Sachs said in its report that Axon Enterprise Inc (NASDAQ:AXON) could be one of the winning stocks if Donald Trump comes in the White House since the former President has vowed to improve law enforcement in the country by allocating more budgets for the police and increase quality immunity and other protections for police officers. Axon Enterprise Inc (NASDAQ:AXON) makes weapons and technologies for police and law enforcement agencies.
Axon Enterprise Inc (NASDAQ:AXON) shares jumped to their 52-week high after the company raised its full-year forecast for revenue.
As of the end of the fourth quarter of 2023, 37 hedge funds out of the 933 funds tracked by Insider Monkey had stakes in Axon Enterprise Inc (NASDAQ:AXON).
4. Chevron Corp (NYSE:CVX)
Number of Hedge Fund Investors: 71
Chevron Corp (NYSE:CVX) is another major oil stock that stands to gain should the Republicans come to power after the 2024 elections. Goldman Sachs last month named Chevron Corp (NYSE:CVX) among its list of energy stocks that could gain value if Republicans win the US election 2024.
Goldman Sachs said the energy sector benefits from traditional commodity production policies adopted by the Republicans. During the Trump administration the US approved Keystone XL and Dakota Access pipelines, which gave a boost to oil and gas production, helping companies like Chevron Corp (NYSE:CVX).
The London Company Large Cap Strategy stated the following regarding Chevron Corporation (NYSE:CVX) in its fourth quarter 2023 investor letter:
“Chevron Corporation (NYSE:CVX) – CVX underperformed during 4Q as oil prices fell, 3Q results missed expectations, and CVX negatively adjusted 2024-2025 cash flow guidance for its key asset in Kazakhstan. It is also notable that CVX announced a deal to acquire Hess Corp in a stock-for-stock transaction. While we generally do not maintain a high degree of exposure to pure commodity businesses, we continue to view CVX favorably for its conservative balance sheet, focus on returns, and commitment to the dividend.”
3. Wells Fargo & Co (NYSE:WFC)
Number of Hedge Fund Investors: 72
Goldman Sachs in its latest report said Wells Fargo & Co (NYSE:WFC) could be one of the stocks that could benefit under the “de-regulation” category if Republicans form a government in the US.
Wells Fargo & Co (NYSE:WFC) shares recently jumped after a U.S. regulator ended a consent order against Wells Fargo (NYSE:WFC) related to its 2016 bogus account scandal.
As of the end of the fourth quarter of 2023, 72 hedge funds out of the 933 funds tracked by Insider Monkey had stakes in Wells Fargo & Co (NYSE:WFC). The most notable stake in Wells Fargo & Co (NYSE:WFC) is owned by Natixis Global Asset Management’s Harris Associates which owns a $1.1 billion stake in Wells Fargo & Co (NYSE:WFC).
Here is what Davis New York Venture Fund has to say about Wells Fargo & Company (NYSE:WFC) in its Q3 2023 investor letter:
“In spring 2023, a number of high-profile regional banks, none of which we owned, collapsed over the course of a few weeks. In contrast, the select, large banks we own, including Wells Fargo & Company, actually saw deposit inflows and increasing profits, reinforcing our thesis that high-quality financial services companies remain among the most misunderstood and attractive sectors of the market. This stress test models a dramatic recession—one meaningfully worse than the great financial crisis of 2008-2009. It includes a 3.5% decline in gross domestic product, a 10% unemployment rate, a 37% decline in residential real estate, a 40% decline in commercial real estate and a 55% decline in the stock market. The resilience and strength required to weather such an economic storm combined with proven economies of scale in branding and technology should drive DNYVF market share gains and growth for years to come. Trading at some of the lowest valuations in the market, our financial sector holdings—such as Wells Fargo & Company, deserve to be revalued upwards over time. In the meantime, increasing dividends and a shrinking share base create value while we wait.”
2. Exxon Mobil Corp (NYSE:XOM)
Number of Hedge Fund Investors: 85
Oil companies have traditionally thrived under Republican governments. Many believe Exxon Mobil Corp (NYSE:XOM) could be one of the biggest winners in the energy industry if Donald Trump becomes the next US President. In his last tenure Donald Trump had strong ties with Exxon Mobil Corp (NYSE:XOM) and its top leadership. Rex Tillerson, who served as the US secretary of state from 2017 to 2018 in the administration of Donald Trump, was the chairman and chief executive officer (CEO) of ExxonMobil between 2006 until 2016.
An analysis from Yahoo Finance took a detailed look at the possible benefits Exxon Mobil Corp (NYSE:XOM) and other oil companies could get if Donald Trump comes to power. Yahoo Finance’s report quoted Keith Bliss, global head of markets and strategy for BloxCross, who said Trump could reverse the renewable energy subsidies and regulations imposed by President Biden, which could give a boost to the traditional oil companies.
“Big oil will be able to export as much as possible to new markets. When you sum up the reduction in cost, the access to new markets, the reduction in regulation costs, and the ability to produce additional products with increased feedstock, then Big Oil will make even more money.”
1. JPMorgan Chase & Co (NYSE:JPM)
Number of Hedge Fund Investors: 103
Last month, Goldman Sachs said in a report that many stocks in the financials and banking sector would gain if a Donald Trump-led Republican government takes power in the US after the 2024 election. In the “de-regulation” category, Goldman talked about several stocks which could benefit under the new administration. JPMorgan Chase & Co (NYSE:JPM) was one of these stocks.
Madison Sustainable Equity Fund stated the following regarding JPMorgan Chase & Co. (NYSE:JPM) in its fourth quarter 2023 investor letter:
“We updated the sustainable scorecard for JPMorgan Chase & Co. (NYSE:JPM). JP Morgan continues to have an Average rating across Governance, Social and Environmental factors. JP Morgan is using its business to improve climate change. JP Morgan has targeted $2.5 trillion in financing between 2021 and 2030 to advance long-term solutions to address climate change and sustainable development. The Board has oversight of corporate responsibility and ESG matters, but ESG and Sustainability are addressed across the firm. JPM does listen to shareholders. After a 31% For Vote on executive compensation in 2022, the Board will not be granting any special awards to Jamie Dimon or Daniel Pinto and if awarded to other Named Executive Officers, there will be a direct performance condition associated with the award. The Compensation Committee limited the cash percentage of Dimon and Pinto’s compensation.”
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