3. Exxon Mobil Corporation (NYSE:XOM)
AQR Capital’s Stake Value: $377,631,000
Percent of AQR Capital’s 13F Portfolio: 0.85%
Dividend Yield as of September 12: 3.61%
Number of Hedge Fund Holders: 72
Exxon Mobil Corporation (NYSE:XOM) is next on our list of the best dividend stocks according to billionaire Cliff Asness. The company is one of the most popular energy corporations in the US and was founded in 1999 with the merger of Exxon and Mobil. Morgan Stanley lifted its price target on the stock to $113 in September and maintained an Overweight rating on the shares, holding a positive stance for companies that support low carbon growth.
Exxon Mobil Corporation (NYSE:XOM) has been a part of AQR Capital’s portfolio since the fourth quarter of 2010 when the hedge fund purchased stakes worth $120 million. During Q2 2022, the fund owned over 4.4 million XOM shares, after increasing its position by 52% in the company. Its total XOM stake stood at $377.6 million, representing 0.85% of billionaire Cliff Asness’ portfolio.
Exxon Mobil Corporation (NYSE:XOM) pays a quarterly dividend of $0.88 per share for a yield of 3.61%, as recorded on September 12. The company has sustained its annual dividend growth for 39 years in a row.
Of the 895 hedge funds tracked by Insider Monkey, 72 funds had investments in Exxon Mobil Corporation (NYSE:XOM) in Q2 2022, compared with 83 in the previous quarter. The total value of these investments came in at over $7.4 billion.
First Eagle Investments mentioned Exxon Mobil Corporation (NYSE:XOM) in its Q2 2022 investor letter. Here is what the firm has to say:
“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.”
