5 Stocks Ray Dalio and Insiders Are Piling Into

3. Exxon Mobil Corporation (NYSE:XOM)

Number of Hedge Fund Holders: 72

Ray Dalio’s Bridgewater Associates, as of the end of September 2022, owns 1.13 million shares of Exxon Mobil Corporation (NYSE:XOM) worth $99.3 million, representing 0.50% of the total 13F securities. Jeffrey Ubben, a director at the oil giant, purchased about 1 million shares of the company in the beginning of August 2022. The per share price ranged between $86 to $89. 

On November 11, Piper Sandler analyst Ryan Todd raised the price target on Exxon Mobil Corporation (NYSE:XOM) to $131 from $113 and maintained an Overweight rating on the shares. The Q3 results were largely bullish for the integrated oil 2023 macro outlook, the analyst  wrote in a research note.

According to Insider Monkey’s second quarter database, 72 hedge funds were bullish on Exxon Mobil Corporation (NYSE:XOM), compared to 83 funds in the preceding quarter. Rajiv Jain’s GQG Partners held the leading stake in the company at the end of Q2 2022, comprising 47.5 million shares worth over $4 billion. 

In its Q2 2022 investor letter, First Eagle Investments, an asset management firm, highlighted a few stocks and Exxon Mobil Corporation (NYSE:XOM) was one of them. Here is what the fund said:

“Integrated oil and gas giant Exxon Mobil Corporation (NYSE:XOM) 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 industry wide 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.”