Zacks Investment Research Lowers Exxon Mobil (XOM) to Hold
Exxon Mobil (NYSE:XOM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.
According to Zacks, “ExxonMobil has a leading position in the energy industry owing to the size and diversity of its asset base, both in terms of business mix and geographical footprint. With a stable cash position, the company’s balance sheet is one of the best in the industry. This has allowed ExxonMobil to reward stockholders with a 6.3% average annual dividend hike over the past 35 years. The company owns some of the most prolific upstream assets globally along with the largest global refining operations. Notably, ExxonMobil continues to gain on ramped-up oil-equivalent production from Hebron field. However, significant turnaround activities are expected to hurt the company’s throughput volumes. Meanwhile, ExxonMobil’s exit from a joint venture in Russia could limit upside. Therefore, considering the lack of near-term catalysts, ExxonMobil stock is expected to perform in line with the broader market”
A number of other research analysts have also issued reports on XOM. Wells Fargo & Co reiterated a “neutral” rating and issued a $82.00 target price on shares of Exxon Mobil in a research note on Thursday, June 21st. Royal Bank of Canada set a $100.00 target price on shares of Exxon Mobil and gave the company a “buy” rating in a research note on Thursday, June 21st. Goldman Sachs Group reiterated a “neutral” rating and issued a $85.00 target price on shares of Exxon Mobil in a research note on Thursday, June 21st. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $88.00 target price on shares of Exxon Mobil in a research note on Tuesday, July 10th. Finally, Macquarie reiterated a “sell” rating and issued a $70.00 target price on shares of Exxon Mobil in a research note on Tuesday, July 10th. Five research analysts have rated the stock with a sell rating, fourteen have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $87.08.
Exxon Mobil (NYSE:XOM) last posted its earnings results on Friday, July 27th. The oil and gas company reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.34). Exxon Mobil had a net margin of 7.64% and a return on equity of 8.45%. The firm had revenue of $73.50 billion during the quarter, compared to analyst estimates of $71.66 billion. During the same quarter in the previous year, the business posted $0.78 earnings per share. The business’s quarterly revenue was up 26.6% compared to the same quarter last year. As a group, research analysts predict that Exxon Mobil will post 4.6 earnings per share for the current fiscal year.
In other Exxon Mobil news, VP Bradley W. Corson sold 15,000 shares of the stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $84.02, for a total value of $1,260,300.00. Following the completion of the sale, the vice president now directly owns 214,774 shares of the company’s stock, valued at approximately $18,045,311.48. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.08% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in shares of Exxon Mobil by 1.7% during the 2nd quarter. BlackRock Inc. now owns 265,206,204 shares of the oil and gas company’s stock worth $21,940,509,000 after acquiring an additional 4,384,093 shares during the period. FMR LLC lifted its holdings in shares of Exxon Mobil by 37.8% during the 2nd quarter. FMR LLC now owns 33,955,341 shares of the oil and gas company’s stock worth $2,809,126,000 after acquiring an additional 9,318,782 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Exxon Mobil by 3.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 31,614,921 shares of the oil and gas company’s stock worth $2,615,349,000 after acquiring an additional 1,034,904 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in shares of Exxon Mobil by 4.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 23,832,973 shares of the oil and gas company’s stock worth $1,778,179,000 after acquiring an additional 1,116,450 shares during the period. Finally, First Eagle Investment Management LLC lifted its holdings in shares of Exxon Mobil by 43.0% during the 1st quarter. First Eagle Investment Management LLC now owns 18,085,596 shares of the oil and gas company’s stock worth $1,349,366,000 after acquiring an additional 5,440,412 shares during the period. 52.48% of the stock is owned by hedge funds and other institutional investors.
About Exxon Mobil
Exxon Mobil Corporation explores for and produces crude oil and natural gas in the United States, Canada/Other Americas, Europe, Africa, Asia, and Australia/Oceania. It operates through Upstream, Downstream, and Chemical segments. The company also manufactures petroleum products; manufactures and markets commodity petrochemicals, including olefins, aromatics, polyethylene, and polypropylene plastics, as well as various specialty products; and transports and sells crude oil, natural gas, and petroleum products.
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