Exxon’s stock price is up 13% in the past three months, thanks to Warren Buffett and higher gas prices.
For the same period, the NYSE Arca Oil index that includes Chevron, ConocoPhillips, and BP is up just 0.8%.
“Buffett’s Berkshire Hathaway Inc. took a major stake in Exxon in November, buying a little over 40 million shares worth nearly $4 billion,” Market Watch said.
Exxon is also the No. 1 natural-gas producer in the United States. Gas prices have risen with the unusually cold winter weather in North America.
Investors often follow and duplicate Buffett’s moves.
His strategy of looking for undervalued stocks of well known companies has made him one of the most successful investors in U.S. history.
Exxon will report Q4 results on January 30.
It now trades at around $96 but most analysts have a target price of about $100 for this year.