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 giant, having purchased an additional 4,671 shares in this period. As of the latest filing with the Securities and Exchange Commission (SEC), Ritholtz’s investment in Exxon Mobil is valued at approximately $9.8 million.
Several other prominent investors have also made adjustments to their positions in Exxon Mobil. Vanguard Group Inc. increased its stake by 0.3% during the second quarter, now holding 431,058,875 shares, worth about $46.47 billion. Geode Capital Management LLC raised its position by 0.4%, acquiring an additional 342,967 shares, bringing its total holdings to 96,307,931 shares, valued at approximately $10.34 billion. Norges Bank entered a new position valued at around $6.16 billion, while Bank of New York Mellon Corp raised its stake by 2.8%, owning 46,598,313 shares worth about $5.02 billion. Charles Schwab Investment Management Inc. lifted its stake by 3.5%, now holding 33,500,304 shares valued at approximately $3.61 billion. Currently, institutional investors and hedge funds collectively own 61.80% of Exxon Mobil’s stock.
Insider Trading and Recent Performance
In related news, Exxon Mobil’s Vice President, Darrin L. Talley, sold 3,000 shares of the company’s stock 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, marking a 9.50% reduction in his ownership. This sale has been disclosed in a filing accessible through the SEC.
Exxon Mobil’s stock experienced a slight increase of 0.5% recently. On October 31, 2023, the company reported earnings of $1.88 per share for the quarter, surpassing analysts’ expectations of $1.72 by $0.16. The company generated revenue of $83.33 billion, which slightly exceeded the forecast of $83.09 billion. Despite these positive indicators, Exxon Mobil’s revenue reflects a 5.2% decline compared to the same quarter in the previous year.
Dividend Increase and Analyst Ratings
Exxon Mobil has declared a quarterly dividend of $1.03, paid on December 10, 2023, to shareholders on record as of November 14, 2023. This marks an increase from the previous quarterly dividend of $0.99, resulting in an annualized payout of $4.12 and a dividend yield of 3.2%. The company currently maintains a payout ratio of 59.88%.
Recent analyst ratings have varied, with Zacks Research downgrading Exxon Mobil from a “hold” to a “strong sell” on January 1, 2024. Conversely, BNP Paribas upgraded the stock from “strong sell” to “hold” on December 8, 2023. UBS Group reaffirmed a “buy” rating on January 9, 2024, while Sanford C. Bernstein lowered its target price from $142.00 to $137.00 with an “outperform” rating. Morgan Stanley also raised its target price to $137.00 and assigned an “overweight” rating. Currently, one analyst rates the stock as a “Strong Buy,” eleven as “Buy,” twelve as “Hold,” and one as “Sell,” leading to a consensus rating of “Hold” with a target price of $130.25, according to data from MarketBeat.
Exxon Mobil Corporation is an integrated oil and gas company involved in all aspects of petroleum product management, including exploration, production, refining, distribution, and marketing. The company’s operations span the full energy value chain and include a broad range of chemical products for various applications. Under its well-known brands, such as Exxon, Mobil, and Esso, Exxon Mobil continues to be a significant player in the global oil and gas market.
