5 Best Energy Stocks for 2021

4. Exxon Mobil Corporation (NYSE: XOM)

Number of Hedge Fund Holders: 63   

Exxon Mobil Corporation (NYSE: XOM) is a Texas-based multinational oil and gas firm. It is ranked fourth on our list of 10 best energy stocks for 2021 and was founded in 1870. The firm is one of the largest energy firms in the world and operates more than 22,000 net operated wells that have proven oil and gas reserves. It has operations in more than 21 countries with oil refineries in most of them. It has a refining capacity of 6.3 million barrels of oil per day that makes it one of the largest oil refining companies globally. 

Exxon Mobil Corporation (NYSE: XOM) posted quarterly results last month and reported the first profits in five quarters and total revenues of $59 billion, up more than 5% from the same period last year. The firm said the freezing weather in Texas earlier this year had resulted in $600 million in earnings losses for the firm because of the decreased production and sales. However, the company forecast a bright outlook for the rest of the fiscal year as oil prices stabilize. 

At the end of the fourth quarter of 2020, 63 hedge funds in the database of Insider Monkey held stakes worth $2.2 billion in the firm, up from 52 in the preceding quarter worth $1.3 billion.

First Eagle Investment Management, in their Q1 2021 investor letter, mentioned Exxon Mobil Corporation (NYSE: XOM). Here is what First Eagle Investment Management has to say about Exxon Mobil Corporation in their letter:

“Leading contributors in the First Eagle Global Fund this quarter included Exxon Mobil Corporation. Recovering oil prices on improvements in demand for crude and other distillates helped fuel strong performance across the energy complex, including shares of Exxon Mobil. The company’s financial results have improved markedly from the Covid-related demand shocks in 2020, helping ease concerns about the sustainability of Exxon’s dividend, which is among the largest in the S&P 500 Index. In addition, Exxon has reiterated its commitment to reducing capital expenditures, which we believe should further bolster the resilience of its cash flows against future demand slowdowns.”