Exxon Mobil Rises to McGinn Penninger’s 6th Largest Holding

October 02, 2024 06:55 AM AEST | By Team Kalkine Media

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Exxon Mobil Rises to McGinn Penninger’s 6th Largest Holding — Image source: Shutterstock

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Headlines

McGinn Penninger expands Exxon Mobil holdings by 11.4%

Exxon Mobil now forms 3.9% of McGinn Penninger’s portfolio

Hedge funds and institutional investors hold a majority stake in Exxon Mobil

McGinn Penninger Investment Management Inc. increased its holdings in Exxon Mobil during the second quarter, showing a significant rise in its stock portfolio. The firm expanded its position in the oil and gas company by 11.4%, holding over 50,000 shares at the end of the quarter.

Exxon Mobil (NYSE:XOM) now represents 3.9% of McGinn Penninger's total investment portfolio, making it their 6th largest holding. This increase reflects broader trends among other hedge funds and investment firms, many of which also made adjustments to their Exxon Mobil positions during this period.

A number of investment firms have taken new or expanded positions in Exxon Mobil, reinforcing the company's strong standing in the energy sector. With over 61% of the stock held by hedge funds and institutional investors, the company's influence within the market remains substantial.

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