Why Apple, Exxon, Navistar, and 2 More Were Trending Over the Labor Day Weekend

Energy Stocks in the Spotlight After Saudi Arabia and Russian Statement 

Traders are watching Exxon Mobil Corporation (NYSE:XOM), ConocoPhillips (NYSE:COP), and Chevron Corporation (NYSE:CVX) today after Russia and Saudi Arabia released a joint statement over the weekend concerning their oil production. According to the statement, which was released after Russian President Vladimir Putin met with Saudi Deputy Crown Prince Mohammed bin Salman, Russia and Saudi Arabia will cooperate in the crude market. Although the two won’t freeze production immediately, they could limit output down the road if the conditions require it. If crude prices bounce back, Exxon, Chevron, and ConocoPhillips will all make more profit, which in turn will make their dividends safer.

Of the 749 hedge funds that we track which filed 13F’s for the June 30 reporting period, 60 had long positions in Exxon Mobil Corporation (NYSE:XOM) at that time, while 47 owned shares of Chevron Corporation (NYSE:CVX), and 43 were long ConocoPhillips (NYSE:COP).

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