On October 3, 2023, it was reported that Sumitomo Life Insurance Co. had reduced its holdings in Exxon Mobil Co. (NYSE:XOM) by 8.8% during the second quarter of the year. According to the disclosure made to the Securities and Exchange Commission, Sumitomo owned 48,737 shares of Exxon Mobil’s stock after selling 4,721 shares during that period. The total value of Sumitomo Life Insurance Co.’s holdings in Exxon Mobil was estimated at $5,227,000 by the end of the reporting period.
Exxon Mobil (NYSE:XOM) last released its earnings results on July 28th. The company reported earnings per share of $1.94 for the quarter, falling short of the consensus estimate of $2.00 by $0.06. Despite this shortfall, Exxon Mobil still registered a net margin of 13.72% and a return on equity of 25.82%. Additionally, the company generated revenue of $82.91 billion during the quarter, surpassing the consensus estimate of $81.80 billion. However, when compared to the same quarter in the previous year, Exxon Mobil’s quarterly revenue experienced a decline of 28.3%. Analysts predict that Exxon Mobil Co.’s earnings for the current year will be around $9.19 per share.
Various brokerages have weighed in on XOM in recent times. HSBC raised their price target on Exxon Mobil shares from $110.00 to $116.00 in an August 9th research report while Royal Bank reiterated a “sector perform” rating and set a target price of $120.00 on September 21st for Exxon Mobil’s stock valuation.
In another research report released on August 17th from UBS Group, they increased their price target for Exxon Mobil from $135 to $139 and gave it a “buy” rating. On the other hand, Piper Sandler lowered their price objective on Exxon Mobil from $145.00 to $127.00 in a June 13th research report. Lastly, according to Bloomberg.com, Mizuho reiterated a “buy” rating and assigned a target price of $139.00 on September 25th for Exxon Mobil shares.
Overall, there are currently eleven analysts who have given the stock a hold rating and eleven analysts who have assigned a buy rating to Exxon Mobil Co. According to the average rating on Bloomberg.com, Exxon Mobil is considered a “Moderate Buy” with an average target price of $124.30.
This disclosure from Sumitomo Life Insurance Co., combined with the varied opinions from different brokerages, could reflect the overall sentiment towards Exxon Mobil at this point in time. It demonstrates that investors and industry experts are actively monitoring the oil and gas company’s performance and considering its future potential as part of their investment strategies.
Ownership Shifts and Insider Trading: Insights into Exxon Mobil’s Future Performance
Exxon Mobil Corporation (NYSE:XOM) has witnessed a shift in ownership as institutional investors and hedge funds make adjustments to their stakes in the company. Stone House Investment Management LLC recently acquired a new stake in Exxon Mobil’s shares during the first quarter of this year, amounting to approximately $25,000. Similarly, KB Financial Partners LLC purchased a new position in Exxon Mobil during the same period, valued at $27,000. Dark Forest Capital Management LP also acquired a new position in the company’s shares in the fourth quarter of last year, with a value of $27,000.
In addition to these institutional investors, Financial Connections Group Inc. raised its stake in Exxon Mobil by 105.4% during the second quarter. The group now owns 306 shares of the oil and gas company’s stock with an estimated value of $32,000 after purchasing an additional 157 shares during the last quarter. Furthermore, Artemis Wealth Advisors LLC bought a new stake in Exxon Mobil worth $36,000 during the first quarter. All these moves by institutional investors indicate their confidence and interest in Exxon Mobil.
It is worth noting that 58.53% of Exxon Mobil’s stock is owned by institutional investors, which further highlights their influence on the company’s performance and direction.
In other news related to Exxon Mobil Corporation, Director Jeffrey W. Ubben purchased 458,000 shares of the company’s stock on July 31st at an average price of $106.93 per share. This transaction resulted in a total value of $48,973,940.00. Following this acquisition, Director Jeffrey W. Ubben now holds 1,635,000 shares directly in the company with an approximate value of $174,830,550.
Moreover, Vice President Darrin L. Talley sold 1,500 shares of Exxon Mobil’s stock on September 5th at an average price of $115.00, resulting in a total value of $172,500. After the sale, Talley now holds 27,772 shares in the company with an estimated value of $3,193,780. The disclosure for this transaction can be found in the filing submitted to the Securities and Exchange Commission (SEC).
Exxon Mobil Corporation currently trades at $115.63 on the New York Stock Exchange as of October 3rd. The company boasts a market capitalization of $462.89 billion and has a relatively low debt-to-equity ratio of 0.18, indicating strong financial stability. With a current ratio of 1.48 and a quick ratio of 1.09, Exxon Mobil demonstrates its ability to meet short-term obligations efficiently.
The stock’s P/E ratio stands at 9.25 while its PEG ratio is relatively low at 0.49, suggesting that the stock may be undervalued compared to its projected earnings growth rate.
Exxon Mobil has seen its stock experience fluctuations over the past year, with a one-year low of $89.72 and a one-year high of $120.70.
These recent developments involving institutional investors and key insiders purchasing or selling Exxon Mobil shares provide insights into the confidence placed in the company’s future performance and overall business prospects by these knowledgeable individuals within the industry.
Investors should keep a close eye on Exxon Mobil as it remains one of the leading players in the oil and gas sector, continuously adapting to market trends and regulatory changes in order to maintain sustainability and long-term success.
Disclaimer: The above article is not financial advice but rather informational in nature only and does not constitute specific recommendations regarding investments or trading strategies.