Billionaire John Paulson is Selling These 3 Stocks

02. Exxon Mobil Corporation (NYSE:XOM)

Exxon Mobil Corporation (NYSE:XOM), a natural gas company headquartered in Irving, Texas, was established in 1999. Paulson sold all of its stake in Exxon Mobil Corporation (NYSE:XOM) during Q2, comprising 1 million shares valued at $82.590 million.

On September 12, Ryan Todd, an analyst at Piper Sandler, cut his price target for Exxon Mobil Corporation (NYSE:XOM) from $109 to $108 while maintaining an Overweight rating for the stock. The analyst maintains a positive outlook for integrated oils, stating that near-record distillate margins are still expected to boost refining forecasts over the winter and into an “equally tight” 2023. Todd finds no shift in strategic priorities across his upstream coverage, despite some upside risk to upstream cost inflation.

In its Q2 2022 investor letter, First Eagle Investments Global Fund mentioned Exxon Mobil Corporation (NYSE:XOM) and explained its insights for the company. Here is what the fund 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.”