On September 9, 2023, it was reported that Veritable L.P. had decreased its position in Exxon Mobil Co. (NYSE:XOM) by 5.7% during the first quarter of the year. This information was disclosed in the company’s most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund sold a total of 8,384 shares, leaving them with 140,000 shares of Exxon Mobil stock at the end of the reporting period. The value of Veritable L.P.’s holdings in Exxon Mobil was estimated to be $15,352,000.
This news comes after Exxon Mobil announced its quarterly earnings data on July 28th. For the quarter, the oil and gas company reported earnings per share of $1.94, which fell short of analysts’ consensus estimates by $0.06. Despite this miss, Exxon Mobil generated $82.91 billion in revenue during the quarter compared to a consensus estimate of $81.80 billion.
Exxon Mobil also revealed that its return on equity for the quarter stood at an impressive 25.82%. Additionally, it boasted a net margin of 13.72%. However, these results were slightly overshadowed by a decline in revenue of 28.3% compared to the same quarter last year when the company posted earnings per share of $4.14.
The performance of Exxon Mobil has attracted attention from various research reports as well. Jefferies Financial Group reduced their target price on XOM shares from $148.00 to $140.00 in May, while Truist Financial lowered their target price from $118.00 to $110.00 and maintained a “hold” rating for the company in July.
However, there have been some positive developments too as Redburn Partners upgraded their rating on Exxon Mobil from “sell” to “neutral” and increased their target price from $100.00 to $105.00 at the end of August. In a similar vein, Morgan Stanley gave the stock an “overweight” rating and raised their target price from $121.00 to $124.00 in mid-August. Finally, Piper Sandler reduced their target price from $145.00 to $127.00 in June.
Currently, there are a total of eleven investment analysts who have given a hold rating on Exxon Mobil’s stock, while another eleven have offered a buy rating. According to data from Bloomberg, the average rating for XOM stock is “Moderate Buy,” with an average price target of $123.43.
In conclusion, Veritable L.P.’s recent decrease in its position in Exxon Mobil Co., coupled with the company’s quarterly earnings results, has generated interest among investors and analysts alike. While some target prices have been adjusted downward by research firms, others have shown optimism in Exxon Mobil’s future performance. It will be intriguing to watch how these factors influence the company’s trajectory in the coming months and years ahead.
Exxon Mobil Corporation
XOM
Strong Buy
Updated on: 10/09/2023
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Exxon Mobil Sees Changes in Ownership and Strong Investor Confidence Amidst Challenges in the Energy Sector
Exxon Mobil, one of the world’s largest multinational oil and gas corporations, has recently seen changes in its ownership as various institutional investors and hedge funds have made significant purchases. Stone House Investment Management LLC acquired a new stake in Exxon Mobil during the first quarter with an investment worth around $25,000. Similarly, Dark Forest Capital Management LP and Corrado Advisors LLC purchased stakes during the fourth quarter worth approximately $27,000 and $28,000 respectively. Artemis Wealth Advisors LLC also entered the scene by purchasing a stake worth about $36,000 during the first quarter. Additionally, Koesten Hirschmann & Crabtree INC. joined the group by investing approximately $36,000 in Exxon Mobil during the fourth quarter.
These investments highlight the interest and trust that major players in the finance industry place in Exxon Mobil as a viable investment option. With hedge funds and other institutional investors now owning 58.53% of the company’s stock, it is evident that there is confidence in its performance and potential for growth.
Turning to recent developments within the company itself, Vice President Darrin L. Talley sold 1,500 shares of Exxon Mobil’s stock on September 5th at an average price of $115.00 per share. This transaction resulted in a total value of $172,500. Following this sale, Talley now directly owns 27,772 shares in the company valued at approximately $3,193,780. The transaction was reported to the Securities and Exchange Commission (SEC) through a filed document which can be accessed through a provided hyperlink.
In another related news item involving Talley, he sold another 1,500 shares of Exxon Mobil stock on September 5th for an average price of $115.00 per share with a total value of $172,500. As a result of this additional transaction, Talley’s direct ownership stake now amounts to 27,772 shares valued at $3,193,780. Again, the transaction was reported to the SEC through a legal filing accessible via a provided link.
Furthermore, Director Jeffrey W. Ubben made a significant purchase of 458,000 shares of Exxon Mobil stock on July 31st at an average cost of $106.93 per share. The total value of this acquisition amounted to a staggering $48,973,940. Following this purchase, Ubben now owns 1,635,000 shares in the company worth approximately $174,830,550. This purchase is publicly disclosed and can be found in the corresponding filing with the SEC.
It is important to note that these transactions involving company insiders – such as Vice President Darrin L. Talley and Director Jeffrey W. Ubben – represent only a small percentage (0.06%) of Exxon Mobil’s overall stock ownership by insiders.
As for its stock performance in recent trading sessions, Exxon Mobil saw an increase of $1.72 during mid-day trading on Friday, reaching a price of $115.67 per share. A substantial volume of 9,350,002 shares were traded compared to the average daily volume of 15,911,991 shares. With a market capitalization of $463.05 billion and a price-to-earnings ratio of 9.25 with a beta value of 1.08; Exxon Mobil’s valuation and stability have attracted considerable attention from investors.
The company maintains a solid financial position with a debt-to-equity ratio of 0.18 and strong liquidity ratios such as its quick ratio of 1.09 and current ratio of 1.48.
Despite facing challenges in the energy sector and fluctuations in oil prices worldwide over recent years; Exxon Mobil has demonstrated resilience while continuing to expand its operations worldwide.
Overall, these developments indicate strong investor interest and confidence in Exxon Mobil’s potential for growth and stability in the oil and gas industry. As the company continues to navigate market conditions, it remains a key player in the global energy landscape.
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2023-09-10 21:23:23Z
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