5 Best American Oil Stocks to Buy Now

2. Exxon Mobil Corporation (NYSE:XOM)

Number of Hedge Fund Holders: 94

Exxon Mobil Corporation (NYSE:XOM) is one of the largest integrated fuels, lubricants, and chemical companies in the world.

On June 16, BofA upgraded Exxon Mobil Corporation (NYSE:XOM) from ‘Neutral’ to ‘Buy’ and assigned the stock a price objective of $154, implying an upside of almost 12% from the current levels.

BofA noted that Exxon is currently trading lower than when the US-Iran war began, despite benefiting from the higher energy prices linked to the conflict. The analyst firm noted that even if the peace deal does not hold and oil prices move back up, XOM shares are likely to rise, making it a free call option.

Exxon Mobil Corporation (NYSE:XOM) also remains focused on expansion and is currently exploring potential acquisition targets to bolster its position in the growing LNG and Asian markets. According to recent reports, the oil and gas behemoth has been holding early-stage discussions internally, and Australia’s Woodside Energy has emerged as one of the targets currently being evaluated

Exxon Mobil Corporation (NYSE:XOM) was also recently included in our list of the 14 Best S&P 500 Stocks to Buy Now According to Analysts.