In this article we will take a look at the some of notable stocks surging today. You can skip our detailed analysis of these stocks and go to read Why These 5 Stocks Are Surging on Monday.
All three major indexes are lower this morning as negotiations continue in Washington over the debt ceiling. The Dow Jones is down 1%, the S&P 500 is down 1.3% and the NASDAQ has fallen 2.1%.
Among the stocks surging today include EOG Resources, Inc. (NYSE:EOG), Pioneer Natural Resources Company (NYSE:PXD), Tesla, Inc. (NASDAQ:TSLA), Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), Devon Energy Corporation (NYSE:DVN), and Halliburton Company (NYSE:HAL). Let’s analyze why each stock is surging and how elite funds are positioned among them.
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10. Tesla, Inc. (NASDAQ:TSLA) is up 2% after the company announced it delivered 241,300 vehicles in the third quarter. Despite the chip shortage, Tesla, Inc. (NASDAQ:TSLA) beat estimates of around 220,900 vehicles for the same time period. Tesla, Inc. (NASDAQ:TSLA) is up 8% year to date so far. Billionaire Elon Musk owns substantial shares in Tesla, Inc. (NASDAQ:TSLA).
9. Exxon Mobil Corporation (NYSE:XOM) is up 1% due to oil prices rising. In morning trade, WTI crude oil futures are up more than 2.8% and Brent futures are up more than 3.1%. Natural gas futures are up 4.1%. Oil prices are likely higher due to Monday’s OPEC+ meeting. Exxon Mobil Corporation (NYSE:XOM) shares are up almost 50% year to date. Of the around 873 elite funds in our database, 68 were long Exxon Mobil Corporation (NYSE:XOM) at the end of Q2.
8. Chevron Corporation (NYSE:CVX) shares are also up 0.9% due to oil prices rising today. Oil prices are near multi year highs due to demand rising and supply struggling to keep up. Chevron Corporation (NYSE:CVX) is generally more profitable if oil prices are higher. 50 elite funds we track owned shares in Chevron Corporation (NYSE:CVX) at the end of June.
7. Devon Energy Corporation (NYSE:DVN) has surged more than 6.4% due to WTI futures rising. With today’s rise, WTI is near $78 per barrel, which makes it easier for many shale companies in the U.S. to be more profitable than if WTI prices were lower. Devon Energy Corporation (NYSE:DVN) shares have rallied 142% year to date. 50 elite funds in our database were long shares of Devon Energy Corporation (NYSE:DVN) at the end of Q2.
6. Halliburton Company (NYSE:HAL) has surged more than 4.1% today also due to today’s oil price surge. If oil prices are higher, demand for oil service companies like Halliburton Company (NYSE:HAL) could also benefit. Ken Fisher‘s Fisher Asset management owned more than 4.17 million shares of Halliburton Company (NYSE:HAL) at the end of June.
Like Tesla, Inc. (NASDAQ:TSLA), Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), Devon Energy Corporation (NYSE:DVN), and Halliburton Company (NYSE:HAL), EOG Resources, Inc. (NYSE:EOG) and Pioneer Natural Resources Company (NYSE:PXD) also surged on Monday.
Click to continue reading and see Why These 5 Stocks Are Surging on Monday.
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Disclosure: None. Why These 10 Stocks Are Surging on Monday is originally published on Insider Monkey.
