Exxon Stock Has Surged. A Big Investor Sold $120 Million of Shares.

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Exxon Mobil

stock has outperformed the market, fueled by a surge in energy prices. Director Jeff Ubben disclosed that his investment firm, Inclusive Capital Partners, recently sold $120 million in shares of the energy giant.

Exxon (ticker: XOM) stock soared 48% in 2021, compared with a 27% rise in the

S&P 500 index.
This year, the shares have risen by double-digits, hitting a 52-week intraday high last week, while the S&P is in the red.

On Feb. 1, Exxon reported a strong fourth quarter, and announced a $10 billion stock buyback plan. The company also said that it had paid back almost all of the debt it took out during the depths of the pandemic. We noted that the report reflects “a remarkable turnaround for the oil giant.”

On Feb. 2, Inclusive Capital sold 1.5 million Exxon shares for $120 million, an average price of $80.05 a share, according to a form Ubben filed with the Securities and Exchange Commission. Ubben, who joined Exxon’s board last year, is founder and portfolio manager of Inclusive Capital, which is focused on environmental, social, and corporate governance, or ESG, investing.

In response to a request for comment on the Exxon stock sale, Ubben provided this statement: “There is nothing to read into regarding the recent sale. Inclusive Capital is winding down one of its funds, which held shares of Exxon, along with several other positions. Another Inclusive Capital fund remains an Exxon shareholder.”

The SEC form shows that Inclusive Capital still owns 177,000 Exxon shares.

Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.

Write to Ed Lin at [email protected] and follow @BarronsEdLin.