ExxonMobil (NYSE:XOM) Shares Up 2.6% – Here’s What Happened

ExxonMobil Corporation (NYSE:XOM) traded up 2.6% on Tuesday . The company traded as high as $165.67 and last traded at $165.62. Approximately 18,917,816 shares changed hands during mid-day trading, a decline of 1% from the average daily volume of 19,167,191 shares. The stock had previously closed at $161.46.

More ExxonMobil News

Here are the key news stories impacting ExxonMobil this week:

• Positive Sentiment: Dividend raised for the 26th consecutive year: ExxonMobil increased its quarterly dividend by 4% to $1.03 per share, reinforcing its income appeal and long-term shareholder-return record. Exxon Mobil Raises Dividend
• Positive Sentiment: Mozambique LNG moves forward: ExxonMobil awarded approximately $1.1 billion in pre-investment contracts for upstream equipment for the Rovuma LNG Phase 1 project. The spending signals progress toward developing a major long-term liquefied natural gas resource and expanding ExxonMobil’s future production portfolio. ExxonMobil Mozambique LNG Contracts
• Positive Sentiment: Permian growth receives infrastructure support: ExxonMobil signed 20-year agreements with Targa Resources for gathering, processing, NGL transportation and fractionation services across its Permian acreage. Targa plans three new processing plants with combined capacity of about 825 MMcf/d and the Bull Run II pipeline, supporting ExxonMobil’s expected production growth through 2046. Although the agreements primarily benefit Targa, they highlight ExxonMobil’s commitment to expanding its high-value Permian operations. Targa Resources ExxonMobil Agreements
• Neutral Sentiment: Oil-market geopolitics remain a potential tailwind and risk: Reports of escalating tensions involving Iran and disruption risks around the Strait of Hormuz could support crude prices and ExxonMobil’s upstream earnings, but uncertainty, demand impacts and volatile oil prices make the benefit difficult to quantify. Iran Conflict and Oil Stocks

Analyst Upgrades and Downgrades

A number of research firms have commented on XOM. UBS Group set a $168.00 price objective on ExxonMobil in a research note on Friday, August 7th. TD Cowen upped their target price on ExxonMobil from $155.00 to $168.00 and gave the company a “buy” rating in a research report on Friday, August 7th. HSBC set a $158.00 target price on ExxonMobil in a report on Monday, August 3rd. Freedom Capital raised ExxonMobil from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings upgraded shares of ExxonMobil from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, August 4th. Ten investment analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $163.05.

ExxonMobil Stock Performance

The stock has a fifty day simple moving average of $147.19 and a two-hundred day simple moving average of $150.73. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.85 and a current ratio of 1.13. The stock has a market cap of $686.49 billion, a price-to-earnings ratio of 21.32, a P/E/G ratio of 0.63 and a beta of 0.17.

ExxonMobil (NYSE:XOM) last posted its quarterly 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). ExxonMobil had a return on equity of 13.14% and a net margin of 8.88%.The business had revenue of $114.53 billion for the quarter, compared to analyst estimates of $109.94 billion. During the same period last year, the firm posted $1.64 EPS. Analysts expect that ExxonMobil Corporation will post 11.86 EPS for the current fiscal year.

ExxonMobil Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Monday, August 17th will be issued a $1.03 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.5%. ExxonMobil’s dividend payout ratio is 53.02%.

Hedge Funds Weigh In On ExxonMobil

Institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its holdings in shares of ExxonMobil by 2.0% during the fourth quarter. Bank of America Corp DE now owns 75,152,366 shares of the oil and gas company’s stock worth $9,043,836,000 after buying an additional 1,457,560 shares in the last quarter. Norges Bank bought a new stake in ExxonMobil during the 4th quarter worth $7,625,063,000. Bank of New York Mellon Corp grew its position in ExxonMobil by 1.2% during the 4th 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 acquiring an additional 531,362 shares during the last quarter. Northern Trust Corp increased its holdings in ExxonMobil by 1.0% in the 3rd quarter. Northern Trust Corp now owns 44,026,019 shares of the oil and gas company’s stock worth $4,963,934,000 after purchasing an additional 445,283 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in ExxonMobil by 0.9% in 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 purchasing an additional 293,446 shares during the last quarter. 61.80% of the stock is currently owned by institutional investors and hedge funds.

About ExxonMobil

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.