5 Companies that are Buying Back Their Stock in 2022

In this article, we will be taking a look at the 5 companies that are buying back their stock in 2022. To read our detailed analysis of these companies, you can go directly to see the 10 Companies that are Buying Back Their Stock in 2022.

5. Exxon Mobil Corporation (NYSE:XOM)

Stock Buyback Amount: $10,000,000,000

Number of Hedge Fund Holders: 72

Exxon Mobil Corporation (NYSE:XOM) is an integrated oil and gas company. It is based in Irving, Texas.

On September 12, Piper Sandler’s Ryan Todd reiterated an Overweight rating on Exxon Mobil Corporation (NYSE:XOM) shares. The analyst also placed a $108 price target on the stock.

This April, Exxon Mobil Corporation (NYSE:XOM) said that it intends to repurchase up to $30 billion in shares by the end of 2023. This expands the company’s earlier estimates of repurchasing $10 billion worth of shares.

There were 72 hedge funds long Exxon Mobil Corporation (NYSE:XOM) in the second quarter, with a total stake value of $7.4 billion.

First Eagle Investments is an independent, privately owned asset management firm. The firm mentioned Exxon Mobil Corporation (NYSE:XOM) in its second quarter 2022 investor letter. Here’s what it said:

“Integrated oil and gas giant Exxon Mobil performed well in the second quarter as continued high prices for energy products supported the stock. As the largest refiner in the US, the company has benefitted from wide “crack spreads,” or the margin between the cost of crude oil and the petroleum products extracted from it. Exxon continues to invest in refining capacity in the US, which industrywide has been in steady decline since 2019. We are pleased that Exxon has been using its strong cash flows to reduce debt and to return cash to shareholders through dividends and stock repurchases.”