Why These 5 Stocks Are on the Move on Friday

In this article we take a look at five stocks that are moving on Friday. If you want to read our detailed analysis of these stocks, go to read Why These 10 Stocks Are on the Move on Friday.

5. Exxon Mobil Corporation (NYSE:XOM) has surged 2.3% on Friday due to the higher Brent and WTI prices.
Exxon Mobil Corporation (NYSE:XOM) generally has an easier time making profits with higher oil prices. Ken Fisher’s Fisher Asset Management owned more than 8.4 million shares of Exxon Mobil Corporation (NYSE:XOM) at the end of June.

4. Chevron Corporation (NYSE:CVX) is up almost 2.3% due to higher Brent prices. With higher oil prices in the near or medium term, Chevron Corporation (NYSE:CVX) could have more resources to spend on its clean energy initiatives in the long term. Chevron Corporation (NYSE:CVX) has a goal of spending $10 billion over the next seven years to increase the company’s renewable energy production and to cut its carbon emissions. The number of elite funds long Chevron Corporation (NYSE:CVX) rose by 9 from the prior quarter to 50 at the end of the second quarter.

3. EOG Resources, Inc. (NYSE:EOG) has surged by 4.7% due to higher oil prices, which could make the company’s assets in premium shale plays worth more. EOG Resources, Inc. (NYSE:EOG)’s profits could also potentially increase. Of the around 873 elite funds in our database, 35 were long EOG Resources, Inc. (NYSE:EOG) at the end of the second quarter.

2. Diamondback Energy, Inc. (NASDAQ:FANG) rallied by nearly 4% due to the increase in WTI prices on Friday. With higher oil prices, Diamondback Energy, Inc. (NASDAQ:FANG) could have more capital to buy back stock. 38 elite funds in our database were long Diamondback Energy, Inc. (NASDAQ:FANG) at the end of June.

1. Citrix Systems, Inc. (NASDAQ:CTXS) is down more than 5% after Tyler Radke of Citigroup downgraded the stock to ‘Neutral’ from ‘Overweight’. The downgrade is likely due to the news that CEO David Henshall is stepping down immediately. D E Shaw was long 573,497 shares of Citrix Systems, Inc. (NASDAQ:CTXS) at the end of June.

Disclosure: None.