Top 5 Oil and Gas Stocks To Buy

3. Exxon Mobil Corporation (NYSE:XOM)

Number of Hedge Fund Holders: 71

Truist recently upgraded Exxon Mobil Corporation (NYSE:XOM) to Buy from Hold with a $131 price target, up from $110. Exxon Mobil Corporation (NYSE:XOM) has been in the news recently because of its $60 billion acquisition of Pioneer Natural Resources.

Truist said that Exxon Mobil Corporation (NYSE:XOM) would see significant longer-term benefits of the deal in 2025 and beyond.

As of the end of the second quarter of 2023, 71 hedge funds in Insider Monkey’s database of 910 hedge funds reported owning stakes in Exxon Mobil Corporation (NYSE:XOM). The biggest stakeholder of Exxon Mobil Corporation (NYSE:XOM) was Jean-Marie Eveillard’s First Eagle Investment Management which owns a $1.43 billion stake in the company.

Here is what First Eagle Investments Global Fund has to say about Exxon Mobil Corporation (NYSE:XOM) in its Q2 2022 investor letter:

“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.”