In this article, we will discuss some of the notable stocks gaining ground today. To take a look at some more stocks that are moving up, go to 5 Stocks Gaining Ground on Thursday.
All the three major stock market indices in the US are in the green today as Wall Street is beginning to accept the hike in interest rate by the Federal Reserve. Companies like Tesla, Inc. (NASDAQ:TSLA), Netflix, Inc. (NASDAQ:NFLX), and Eiger BioPharmaceuticals, Inc. (NASDAQ:EIGR) are among the stocks moving up today.
Let’s look at the reasons the stocks are trending today and discuss how elite hedge funds are positioned in them.
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10. Occidental Petroleum Corporation (NYSE:OXY) is up 7.8% as of 11:26 AM ET after Warren Buffett’s Berkshire Hathaway Inc (NYSE:BRK-B) revealed that it had increased its stake in the Houston, Texas-based oil and gas exploration and production company by another $1 billion during the first three days of this week. Following this development, Berkshire Hathaway’s total stake in Occidental Petroleum Corporation (NYSE:OXY) stands at over $7 billion. Berkshire Hathaway now owns over 136.2 million shares in the company, equivalent to 13% of the total outstanding shares. According to data compiled by Insider Monkey, 58 hedge funds held a stake in Occidental Petroleum Corporation (NYSE:OXY) as of Q4 2021.
9. Devon Energy Corporation (NYSE:DVN) is 6.6% in the green as of 11:32 AM ET. The stock price of the Oklahoma City-based corporation is rising because the crude oil price is soaring again following the statement from a Russian spokesperson that the report regarding significant negotiations between Russia and Ukraine is incorrect. As a result, crude oil prices are up 8% for the day due to concerns that restrictions by the West on Russia would reduce the supply of crude oil globally. As of Q4 2021, 51 hedge funds held a position in Devon Energy Corporation (NYSE:DVN), up from 48 in the preceding quarter.
8. Cardinal Health, Inc. (NYSE:CAH) has surged 5.3% as of 11:45 AM ET after private equity firm Gordon Haskett stated that the underperformance of the Dublin, Ohio-based medical distribution company could attract activist investors and make the company an acquisition target. It must be noted there is no official word on a potential acquisition or an activist investor circling the organization. Cardinal Health, Inc. (NYSE:CAH) also revealed that it had launched the first surgical incise drape that would significantly lower the contamination risk at the surgical site. Of the 924 hedge funds in Insider Monkey’s database, 39 funds held a position in Cardinal Health, Inc. (NYSE:CAH) at the end of Q4 2021.
7. Ralph Lauren Corporation (NYSE:RL) has risen more than 3.1% as of 11:53 AM ET following an upgrade from Neutral to an Overweight rating with a price target of $142 by Matthew Boss at JPMorgan. The target provides an upside potential of over 24% from the last closing price. The analyst thinks that the recent dip in Ralph Lauren Corporation’s (NYSE:RL) stock price due to macroeconomic-related factors provides an attractive entry point in the stock. At the end of Q4 2021, 24 hedge funds held a position in Ralph Lauren Corporation (NYSE:RL). Royce & Associates is the leading investor in the company with a stake worth over $85 million.
6. The Mosaic Company (NYSE:MOS) has gained 5.2% as of 11:58 AM ET following the news that, according to Western officials, Russian President Vladimir Putin is not interested in a compromise. The added sanctions on Russia would be favorable for fertilizer companies like The Mosaic Company (NYSE:MOS) located in the US and Canada. Russia and its ally Belarus are the second and the third-biggest producer of Potash, an integral ingredient for producing nitrogen-based fertilizers. Overall, 46 hedge funds held a position in The Mosaic Company (NYSE:MOS) as of Q4 2021.
In addition to The Mosaic Company (NYSE:MOS), some of the companies experiencing a rise in stock price today include Tesla, Inc. (NASDAQ:TSLA), Netflix, Inc. (NASDAQ:NFLX), and Eiger BioPharmaceuticals, Inc. (NASDAQ:EIGR).
Click to continue reading and see 5 Stocks Gaining Ground on Thursday.
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Disclose. None. 10 Stocks Gaining Ground on Thursday is originally published on Insider Monkey.
