Ritholtz Wealth Management has increased its holdings in Exxon Mobil Corporation (NYSE: XOM) by 5.7% during the third quarter of 2023. According to HoldingsChannel.com, the institutional investor now owns 86,994 shares of the oil and gas company following the acquisition of an additional 4,671 shares. The value of Ritholtz’s stake in Exxon Mobil is approximately $9.8 million, as reported in its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also adjusted their positions in Exxon Mobil recently. Notably, Vanguard Group Inc. increased its stake by 0.3% during the second quarter, bringing its total to 431,058,875 shares, valued at around $46.47 billion. Similarly, Geode Capital Management LLC expanded its holdings by 0.4%, now owning 96,307,931 shares worth $10.35 billion.
Norges Bank has entered the fray, acquiring a new position valued at approximately $6.16 billion in the same quarter. Bank of New York Mellon Corp also raised its stake by 2.8%, now holding 46,598,313 shares worth $5.02 billion. Additionally, Charles Schwab Investment Management Inc. increased its position by 3.5%, now owning 33,500,304 shares valued at about $3.61 billion. Overall, institutional investors and hedge funds currently own 61.80% of Exxon Mobil’s stock.
Insider Activity and Recent Earnings
In related news, Darrin L. Talley, Vice President at Exxon Mobil, sold 3,000 shares on December 17, 2023, at an average price of $117.19, totaling $351,570. Following this transaction, Talley holds 28,584 shares, valued at approximately $3.35 million. This sale represents a 9.50% decrease in his ownership.
Exxon Mobil recently reported its earnings for the third quarter on October 31, 2023. The company posted earnings per share (EPS) of $1.88, surpassing analysts’ expectations of $1.72 by $0.16. The company’s revenue reached $83.33 billion, slightly exceeding forecasts of $83.09 billion. Nevertheless, this represents a 5.2% decline compared to the same quarter last year when Exxon Mobil reported an EPS of $1.92. Analysts predict that Exxon Mobil will post an EPS of $7.43 for the current fiscal year.
Dividend Increase and Analyst Ratings
In a positive development for shareholders, Exxon Mobil declared a quarterly dividend of $1.03 per share, paid on December 10, 2023. Shareholders on record as of November 14 received this dividend, which indicates an annualized dividend of $4.12 and a yield of 3.2%. This marks an increase from the previous quarterly dividend of $0.99, with a payout ratio currently at 59.88%.
Recent analyst ratings have varied for Exxon Mobil. Zacks Research downgraded the stock from a “hold” to a “strong sell” rating as of January 1, 2024. Conversely, BNP Paribas upgraded its rating from “strong sell” to “hold” on December 8, 2023. UBS Group reaffirmed a “buy” rating, while Sanford C. Bernstein adjusted its target price from $142.00 to $137.00. Morgan Stanley also raised its target price from $135.00 to $137.00, maintaining an “overweight” rating.
Currently, one investment analyst has rated Exxon Mobil as a “Strong Buy,” eleven recommend a “Buy,” twelve advocate a “Hold,” and one analyst has assigned a “Sell” rating. According to data from MarketBeat, the consensus rating stands at “Hold” with a target price of $130.25.
Exxon Mobil Corporation operates as an integrated oil and gas company, engaging in exploration, production, refining, distribution, and marketing of petroleum products. Its operations encompass the entire energy value chain, from upstream exploration to downstream retail, and the company is well-known for its brands including Exxon, Mobil, and Esso.
