If You Invested $1000 In Exxon Mobil When Joe Biden Was Elected President, Here's How Much You'd Have Now - msnNOW

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When Donald Trump and Joe Biden faced off in the 2020 presidential election, investors and analysts pointed to several sectors that would benefit from each candidate's victory. Interestingly enough, one sector that wasn’t predicted to benefit from a Biden presidency has turned in impressive gains since November 2021.

What Happened: Joe Biden's victory in 2020 was seen as a win for the clean energy sector and a potential setback for oil stocks, since Biden had publicly voiced opposition to pipelines.

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One of the best-performing large-cap stocks since Biden took office, however, has coincidentally been oil company Exxon Mobil Corp (NYSE: XOM). 

Russia's invasion of Ukraine has contributed to higher costs of barrels of oil and increased gas prices at pumps around the U.S. As a result, Exxon Mobil is one of several oil companies that has benefited along the way.

Shares of Exxon Mobil hit all-time highs several times in 2022 and again in 2023. 

Related Link: Is Biden To Blame For High Gas Prices: Here's What Oil Execs Say

Investing $1,000 In Exxon Mobil: Oil company Exxon Mobil closed at $33.23 on the night of the 2020 presidential election. Shares opened for trading at $33.27 on Nov. 4, 2020, the day after Biden was declared the winner.

A $1,000 investment in Exxon Mobil then could have purchased 30.06 shares. The 30.06 shares would be worth $3,486.66 today based on a current price of $115.99 for Exxon Mobil at the time of writing.

The $3,486.66, which doesn’t count dividends, represents a return of 248.7% in a span of about two-and-a-half years. 

Compare the return of this investment to that of the SPDR S&P 500 ETF Trust (NYSE: SPY), which has been up 20.9% over the same time period. 

While oil stocks weren't predicted to be big winners of a Biden presidency, they certainly were in 2022, a year that saw the S&P 500 post its worst annual loss since 2008. 

Read Next: ExxonMobil Explores Acquisition Of Pioneer Natural Amid Bid To Dominate Permian Basin 

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

This article If You Invested $1,000 In Exxon Mobil When Joe Biden Was Elected President, Here's How Much You'd Have Now originally appeared on Benzinga.com

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