Washington Trust Bank Reduces Stock Position in ExxonMobil Corporation $XOM

Washington Trust Bank lowered its stake in ExxonMobil Corporation (NYSE:XOM) by 8.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,355 shares of the oil and gas company’s stock after selling 5,478 shares during the period. Washington Trust Bank’s holdings in ExxonMobil were worth $8,662,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Bank of America Corp DE increased its position in shares of ExxonMobil by 2.0% during the 4th quarter. Bank of America Corp DE now owns 75,152,366 shares of the oil and gas company’s stock valued at $9,043,836,000 after purchasing an additional 1,457,560 shares during the last quarter. Norges Bank bought a new stake in ExxonMobil in the fourth quarter worth $7,625,063,000. Bank of New York Mellon Corp boosted its stake in ExxonMobil by 1.2% during the fourth quarter. Bank of New York Mellon Corp now owns 46,605,353 shares of the oil and gas company’s stock worth $5,608,488,000 after buying an additional 531,362 shares during the period. Northern Trust Corp boosted its stake in ExxonMobil by 1.0% during the third quarter. Northern Trust Corp now owns 44,026,019 shares of the oil and gas company’s stock worth $4,963,934,000 after buying an additional 445,283 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in ExxonMobil by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 34,090,589 shares of the oil and gas company’s stock valued at $4,102,708,000 after acquiring an additional 293,446 shares during the last quarter. 61.80% of the stock is owned by institutional investors.

ExxonMobil Trading Up 0.3%

Shares of XOM opened at $156.88 on Friday. ExxonMobil Corporation has a 1-year low of $108.35 and a 1-year high of $176.41. The company has a 50-day moving average of $150.53 and a 200 day moving average of $151.87. The firm has a market capitalization of $650.26 billion, a price-to-earnings ratio of 20.19, a PEG ratio of 0.62 and a beta of 0.17. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.13 and a quick ratio of 0.85.

ExxonMobil (NYSE:XOM) last issued its earnings results on Friday, July 31st. The oil and gas company reported $3.52 EPS for the quarter, missing analysts’ consensus estimates of $3.56 by ($0.04). The company had revenue of $114.53 billion during the quarter, compared to the consensus estimate of $109.94 billion. ExxonMobil had a return on equity of 13.14% and a net margin of 8.88%.During the same quarter in the prior year, the company earned $1.64 earnings per share. On average, research analysts expect that ExxonMobil Corporation will post 11.86 EPS for the current year.

ExxonMobil Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Monday, August 17th will be issued a $1.03 dividend. The ex-dividend date is Monday, August 17th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.6%. ExxonMobil’s payout ratio is presently 53.02%.

Key Stories Impacting ExxonMobil

Here are the key news stories impacting ExxonMobil this week:

• Positive Sentiment: Higher oil prices have lifted ExxonMobil’s earnings outlook, reinforcing the bullish view that the company can continue benefiting from its integrated upstream, refining and chemicals operations. I’m Not Selling ExxonMobil, Even With Oil Prices Where They Are
• Positive Sentiment: Valuation analysis indicates XOM may be trading below estimates of its discounted-cash-flow value and below levels suggested by market multiples. The company’s Mozambique LNG contracts also add potential long-term growth and cash-flow support. ExxonMobil Stock Could Trade At A Discount Despite Mozambique LNG Contracts
• Positive Sentiment: ExxonMobil’s low debt load and strong balance sheet provide flexibility to withstand weaker commodity prices, pursue acquisitions and maintain shareholder returns, including its dividend. Why ExxonMobil’s Financial Strength Matters for Investors
• Neutral Sentiment: ExxonMobil is reportedly among potential bidders for Shell’s U.S. chemicals assets, a transaction that could expand its chemicals footprint but would also require significant capital and carry integration risk. Potential Bidders Are Looking at Shell’s Chemical Assets
• Neutral Sentiment: ExxonMobil is scheduled to speak at Barclays’ energy conference, giving investors an opportunity to receive updates on strategy, commodity markets and capital allocation. ExxonMobil to Speak at Barclays 40th Annual Energy-Power Conference
• Negative Sentiment: Crude oil has fallen for several sessions as optimism surrounding the Strait of Hormuz eases the geopolitical supply premium, creating pressure on energy shares and raising concerns about near-term commodity-price momentum. Exxon Slips Below $159 as Hormuz Hope Hits Crude Again
• Negative Sentiment: July PCE inflation exceeded economists’ expectations, potentially keeping interest rates higher for longer and weighing on economically sensitive energy demand and equity valuations. These Three Stocks Are Must-Owns After the PCE Data

Analysts Set New Price Targets

A number of analysts recently weighed in on XOM shares. Bank of America lowered shares of ExxonMobil from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $154.00 to $158.00 in a research report on Tuesday, July 28th. Wells Fargo & Company restated an “overweight” rating and set a $182.00 target price on shares of ExxonMobil in a research report on Monday, August 3rd. DZ Bank cut ExxonMobil from a “buy” rating to a “hold” rating and set a $156.00 target price on the stock. in a research note on Tuesday, August 4th. Piper Sandler assumed coverage on ExxonMobil in a report on Thursday, July 23rd. They issued a “neutral” rating and a $158.00 price target on the stock. Finally, Sanford C. Bernstein decreased their price target on ExxonMobil from $195.00 to $182.00 and set an “outperform” rating for the company in a research note on Monday, May 11th. Ten investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat, ExxonMobil has an average rating of “Hold” and an average price target of $166.10.

ExxonMobil Profile

ExxonMobil Corporation (NYSE: XOM) is an integrated oil and gas company engaged in the exploration, production, refining, distribution and marketing of petroleum products and the manufacture and sale of petrochemicals. Its operations span the full energy value chain, including upstream exploration and development of crude oil and natural gas; midstream transportation and storage; and downstream refining, product distribution and retail. The company also produces a broad range of chemical products for industrial and consumer applications.

ExxonMobil markets fuels and lubricants under well-known brands such as Exxon, Mobil and Esso, and its Mobil 1 motor oil is a prominent consumer product.