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Here’s Why Exxon Mobil Corporation (XOM) is Trending

Per the Wall Street Journal, Exxon Mobil Corporation (NYSE:XOM) has sought a waiver from current sanctions to continue its joint venture in Russia. Earlier in the Obama administration, the U.S. initiated sanctions against Russia for its meddling in Ukraine. The sanctions prevented Exxon Mobil Corporation (NYSE:XOM) from participating in its joint venture to develop major resources in Russia’s arctic region as well as in other regions in the country. With today’s news, it seems that Exxon wants to make the current arrangement work, by both letting the broader sanctions continue (ex-Exxon) and by allowing the company to develop valuable resources in Russia.

Exxon has filed the appropriate forms via the Treasury Department to hopefully continue activity in the Black Sea and bulls hope that the company’s request has a shot. The company’s former CEO is now the Secretary of State, after all. That being said, Secretary Tillerson has recused himself of any matters concerning Exxon for 24 months.

What Does The Smart Money Sentiment Say?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

According to our database of 742 elite funds, many smart money funds owned Exxon, but they didn’t own a huge amount of it. 60 top funds owned shares of Exxon Mobil Corporation (NYSE:XOM) at the end of December, up one from the previous quarter, but those 60 top funds only accounted for 0.8% of the oil giant’s float at the end of 2016.

The Bottom Line

Exxon Mobil Corporation (NYSE:XOM) shares are trending due to the news that it has sought a waiver to continue its Russian oil operations. For more reading, check out ‘11 Countries That Consume The Most Oil In the World‘.

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