In this article we will take a look at the some of notable stocks on the move today.
It’s a relatively calm day on Wall Street with the Dow Jones up 0.03%, the S&P 500 down 0.04% and the NASDAQ down 0.3%. Among the stocks that are moving more than the three main market indexes are Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), General Motors Company (NYSE:GM), Ford Motor Company (NYSE:F), Tesla, Inc. (NASDAQ:TSLA), APA Corporation (NASDAQ:APA), and Hess Corporation (NYSE:HES). Let’s examine why each stock is moving and how elite funds are positioned among them.
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10. General Motors Company has surged more than 3.5% on Friday due to the company’s continued momentum from its investor day from earlier in the week. By the end of the decade, General Motors Company has a target of around $280 billion in revenue and operational profit margin of between 12% and 14%. In 2020, General Motors Company had an operational profit margin of 7.9%. Warren Buffett‘s Berkshire Hathaway owned 60 million shares of General Motors Company at the end of June.
9. Ford Motor Company is higher by 1.6% due to GM’s momentum. If GM succeeds in improving its bottom line substantially by 2030, Ford Motor Company might have an easier time growing profits by that time too. Of the around 873 elite funds in our database, 55 were long Ford Motor Company at the end of Q2.
8. Tesla, Inc. is down 1% due to GM’s rally and due to profit taking. If GM succeeds in its objectives by the end of the decade, Tesla, Inc. might have a tougher competitor and less growth opportunities. Given Tesla, Inc. stock has already increased by 84% in the last twelve months, some investors might be taking some profits. Billionaire Elon Musk owns substantial shares in Tesla, Inc..
7. APA Corporation has surged more than 5.5% due to the higher oil prices. In afternoon trade, WTI futures are up 1.4% to nearly $80 per barrel and Brent futures are up 0.8% to over $82 per barrel. With the oil price substantially higher than many shale production costs, many oil companies have an easier time making profits. 37 elite funds in our database were long APA Corporation at the end of June.
6. Hess Corporation has increased 4.6% due to higher WTI prices. With higher oil prices, Hess Corporation not only has an easier time making profits but its assets could also be worth more. The number of elite funds in our database that were long Hess Corporation rose to 31 in the second quarter from 26 in the first quarter.
Like General Motors Company, Ford Motor Company, Tesla, Inc., APA Corporation, and Hess Corporation, Exxon Mobil Corporation and Chevron Corporation are on the move.
5. Exxon Mobil Corporation has surged 2.3% on Friday due to the higher Brent and WTI prices.
Exxon Mobil Corporation generally has an easier time making profits with higher oil prices. Ken Fisher’s Fisher Asset Management owned more than 8.4 million shares of Exxon Mobil Corporation at the end of June.
4. Chevron Corporation is up almost 2.3% due to higher Brent prices. With higher oil prices in the near or medium term, Chevron Corporation could have more resources to spend on its clean energy initiatives in the long term. Chevron Corporation has a goal of spending $10 billion over the next seven years to increase the company’s renewable energy production and to cut its carbon emissions. The number of elite funds long Chevron Corporation rose by 9 from the prior quarter to 50 at the end of the second quarter.
3. EOG Resources, Inc. (NYSE:EOG) has surged by 4.7% due to higher oil prices, which could make the company’s assets in premium shale plays worth more. EOG Resources, Inc.’s profits could also potentially increase. Of the around 873 elite funds in our database, 35 were long EOG Resources, Inc. at the end of the second quarter.
2. Diamondback Energy, Inc. (NASDAQ:FANG) rallied by nearly 4% due to the increase in WTI prices on Friday. With higher oil prices, Diamondback Energy, Inc. could have more capital to buy back stock. 38 elite funds in our database were long Diamondback Energy, Inc. at the end of June.
1. Citrix Systems, Inc. (NASDAQ:CTXS) is down more than 5% after Tyler Radke of Citigroup downgraded the stock to ‘Neutral’ from ‘Overweight’. The downgrade is likely due to the news that CEO David Henshall is stepping down immediately. D E Shaw was long 573,497 shares of Citrix Systems, Inc. at the end of June.
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This article is originally published at Insider Monkey.
