5 Best Dividend Stocks According to Tom Russo’s Gardner Russo & Gardner

3. Exxon Mobil Corporation (NYSE:XOM)

Number of Hedge Fund Holders: 83
Dividend Yield as of May 30: 3.61%
Gardner Russo & Gardner’s Stake Value: $14,855,000

Exxon Mobil Corporation (NYSE:XOM) is an American multinational oil and gas company, formed by the merger of Exxon and Mobil in 1999. Since the beginning of the year, the stock has marched upward steadily, gaining 53.5%. Moreover, in Q1 2022, the company reported revenue of $90.5 billion, up 53% from the same period last year.

In May, Argus raised its price target on Exxon Mobil Corporation (NYSE:XOM) to $104, while maintaining a Buy rating on the shares. The firm’s analyst expected the company to benefit from the strong energy market and improving balance sheet. He also raised his EPS estimates to $9.52 from $6.40, as commodity prices continue to grow.

Exxon Mobil Corporation (NYSE:XOM) currently pays a quarterly dividend of $0.88 per share, with a dividend yield of 3.61%, as of May 30. The company has been raising its dividend for the past 39 years at an annual average rate of 6%. At the end of Q1 2022, Exxon Mobil Corporation (NYSE:XOM) represented 0.14% of Tom Russo’s portfolio, as his hedge fund increased its position in the company by 1% during the quarter.

Among the 900+ elite funds tracked by Insider Monkey, 83 hedge funds were bullish on Exxon Mobil Corporation (NYSE:XOM) in Q1 2022, up from 71 in the quarter earlier. The consolidated value of these stakes is over $8.5 billion, reflecting growth from $5.3 billion worth of stakes held by hedge funds in Q4 2021.

Saturna Capital mentioned Exxon Mobil Corporation (NYSE:XOM) in its Q4 2021 investor letter. Here is what the firm has to say:

“Few companies maintain their position at the top for more than a decade or two. One that did was Exxon, which appeared decennially from 1980 through 2010. In 2019 it was ranked 10th, but as of writing has dropped to 39th place.”