Markets are trading lower on Friday following the recent sell-off in several tech stocks amid the earnings season. Some important companies announced their financial results today, including Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), Phillips 66 (NYSE:PSX), Sanofi SA (ADR) (NYSE:SNY) and Shire PLC (ADR) (NASDAQ:SHPG). This article takes a closer look at the earnings reports of these companies and presents the hedge funds sentiment towards them.
At Insider Monkey, we track around 785 hedge funds and other institutional investors. Through extensive backtests, we have determined that imitating some of the stocks that these investors are collectively bullish on can help retail investors generate double digits of alpha per year (see more details about our small-cap strategy).
Exxon Mobil’s Revenue Declines
Exxon Mobil Corporation (NYSE:XOM)’s stock opened in the red, but has managed to pare losses after the company announced its first-quarter results, which included a net income of $1.81 billion, or $0.43 a share, sharply down from $4.94 billion, or $1.17 per share, same quarter last year, but above analysts’ estimates of $0.31. In this way following a 63% annual slump, Exxon recorded the lowest quarterly profit since 1999. The company cited the plunging crude prices as the primary reason of the losses. The revenue declined to $48.71 billion from $67.6 billion reported a year earlier. Out of the total hedge funds tracked by Insider Monkey, 68 funds held long positions in Exxon Mobil Corporation (NYSE:XOM), with a total value of approximately $3 billion at the end of the last year. Ken Fisher’s Fisher Asset Management is notable of these stakeholders with an ownership of more than 4.53 million shares of the company reported as of the end of March.
Chevron Corporation Posts Huge Losses
Chevron Corporation (NYSE:CVX)’s stock is 1% in the red after the company reported mixed financial results. The company’s revenue of $23.55 billion, declined from $34.56 billion posted for the same quarter last year, but was higher than the estimates of $21.47 billion. Chevron also reported a loss of $725 million, or $0.39 per share, worse than the expected loss of $0.20 per share. At the end of last year, 44 hedge funds from our database owned shares of Chevron Corporation (NYSE:CVX). Ken Fisher’s Fisher Asset Management owns more than 3.6 million shares of the company, according to its last 13F filing.