SSgA Funds Management, Inc. recently announced the acquisition of new stake in Exxon Mobil Corp. (NYSE:XOM). The institutional investor has increased its shareholding in the Energy company by 2.26% to 210.04 million shares with purchase of 4.64 million shares. This fresh investment now brings its stake to 5.24% valued currently at $21.0 billion. In addition, Geode Capital Management LLC raised its holdings by 0.71 million to 75.64 million shares. And Norges Bank Investment Management has lifted its position by 1.92% or 0.89 million shares – to 47.38 million shares.
With over 17.84 million Exxon Mobil Corp. (XOM) shares trading Friday and a closing price of $99.95 on the day, the dollar volume was approximately $1.78 billion. The shares have shown a negative half year performance of -0.98% and its price on 01/12/24 gained nearly 1.30%. Currently, there are 4.08B common shares owned by the public and among those 3.99B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 29 analysts who have offered their price forecasts for XOM have a consensus price objective of $126.14. The analysts have set the share’s price value over the next 12 months at a high of $149.00 and a low of $105.00. The average price target is 20.76% above its recent price level and an upside to the estimated low will see the stock gain 4.81% over that period. But an upside of 32.92% will see the stock hit the forecast high price target while median target price for the stock is $124.83.
Insiders at the company have transacted a total of 12 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 6 of these insider trades were purchases, accounting for 442,000 shares. Insider sales of the common stock occurred on 6 occasions, with total insider shares sold totaling 8,264 shares.
The top 3 mutual fund holders in Exxon Mobil Corp. are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and SPDR Series – Energy Select Secto. Vanguard Total Stock Market ETF owns 125.57 million shares of the company’s stock, all valued at over $12.55 billion. The company sold -1.0 million shares recently to bring their total holdings to about 3.13% of the shares outstanding. Vanguard 500 Index Fund bought 0.46 million shares to see its total holdings expand to 96.67 million shares valued at over $9.67 billion and representing 2.41% of the shares outstanding. SPDR Series – Energy Select Secto bought 0.32 million shares to bring its total holdings to over 80.76 million shares at a value of $8.07 billion. SPDR Series – Energy Select Secto now owns shares totaling to 2.02% of the shares outstanding.
Shares of Exxon Mobil Corp. (NYSE: XOM) opened at $100.14, up $1.47 from a prior closing price of $98.67. However, the script later moved the day high at 100.65, up 1.30%. The company’s stock has a 5-day price change of -2.61% and -6.12% over the past three months. XOM shares are trading -0.03% year to date (YTD), with the 12-month market performance down to -10.25% lower. It has a 12-month low price of $97.48 and touched a high of $120.70 over the same period. XOM has an average intraday trading volume of 21.48 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.21%, -2.45%, and -7.20% respectively.
Institutional ownership of Exxon Mobil Corp. (NYSE: XOM) shares accounts for 60.34% of the company’s 4.08B shares outstanding. Mutual fund holders own 26.75%, while other institutional holders and individual stakeholders account for 34.50% and 0.95% respectively.
It has a market capitalization of $399.48B and a beta (3y monthly) value of 0.96. The stock’s trailing 12-month PE ratio is 9.94, while the earnings-per-share (ttm) stands at $10.06. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.68% over the week and 1.59% over the month.
Analysts forecast that Exxon Mobil Corp. (XOM) will achieve an EPS of $2.15 for the current quarter, $2.14 for the next quarter and $9.03 for 2024. The lowest estimate earnings-per-share for the quarter is $1.85 while analysts give the company a high EPS estimate of $2.31. Comparatively, EPS for the current quarter was $3.4 a year ago. Earnings per share for the fiscal year are expected to decrease by -34.09%, and -1.47% over the next financial year. EPS should shrink at an annualized rate of -9.79% over the next five years, compared to 23.41% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 29 brokerage firm advisors rate Exxon Mobil Corp. (XOM) as a “Strong Buy” at a consensus score of 1.97. Specifically, 12 Wall Street analysts polled rate the stock as a buy, while 11 of the 29 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the XOM, a number of firms have released research notes about the stock. Redburn Atlantic stated their Buy rating for the stock in a research note on January 09, 2024, with the firm’s price target at $116-$119.
