Apollon Wealth Management LLC has increased its stake in Exxon Mobil Corporation (NYSE:XOM) by 5.1% during the third quarter of 2023. According to the firm’s latest Form 13F filing with the Securities and Exchange Commission, the institutional investor now holds 188,176 shares after acquiring an additional 9,069 shares during this period. As of the end of the most recent reporting period, Apollon’s holdings in Exxon Mobil were valued at approximately $21,217,000.
Other institutional investors and hedge funds have also been active in the market for Exxon Mobil shares. Game Plan Financial Advisors LLC made a significant move, increasing its position by an impressive 1,500% in the first quarter, bringing their total to 320 shares valued at $38,000 after purchasing an additional 300 shares. Similarly, Bare Financial Services Inc raised its stake by 121.8% during the second quarter, now owning 366 shares worth $39,000 after buying 201 additional shares. In total, institutional investors now own 61.80% of Exxon Mobil’s stock.
Exxon Mobil’s Financial Performance and Dividends
As of the last trading session, Exxon Mobil shares opened at $120.49. The company maintains a debt-to-equity ratio of 0.12 and a current ratio of 1.14. The stock has fluctuated significantly over the past year, with a low of $97.80 and a high of $121.30. Exxon Mobil’s market capitalization stands at $508.12 billion with a price-to-earnings (P/E) ratio of 17.51.
Exxon Mobil’s financial health was highlighted in its latest earnings report, released on June 17, 2023. The company reported earnings per share (EPS) of $0.65 and a revenue of $57.55 billion for the quarter. With a net margin of 8.99% and a return on equity of 11.22%, analysts predict the company will post an EPS of 7.43 for the current fiscal year.
In addition to its solid earnings, Exxon Mobil declared a quarterly dividend of $1.03 per share, which was paid on December 10, 2023. This increase from the previous quarterly dividend of $0.99 represents an annualized dividend of $4.12 and a dividend yield of 3.4%. The company’s dividend payout ratio currently stands at 59.88%, reinforcing its reputation for reliable income distribution to shareholders.
Market Sentiment and Analyst Ratings
Recent market dynamics indicate a moderately bullish sentiment surrounding Exxon Mobil, evidenced by a 1.31% increase in share price. Analysts have noted that Exxon is among the key players in the oil and gas industry investing in artificial intelligence to enhance operational efficiency while reducing costs and emissions. This strategic move is anticipated to improve profit margins and capital productivity over time.
Several financial institutions have revised their price targets for Exxon Mobil. On December 10, 2023, Morgan Stanley raised its target from $135.00 to $137.00, maintaining an “overweight” rating. Scotiabank has also reiterated an “outperform” rating, while Weiss Ratings issued a “hold (c+)” rating. A recent report from BNP Paribas upgraded Exxon Mobil from a “strong sell” to a “hold” rating. Overall, analysts have established an average rating of “Moderate Buy” with a target price of $129.45.
Despite positive news, some analysts caution that Exxon Mobil’s earnings remain heavily dependent on upstream exposure. Ongoing weakness in crude prices poses a risk to both revenue and cash flow, which could limit potential gains if oil prices remain low.
In related news, Vice President Darrin L. Talley sold 3,000 shares of Exxon Mobil stock on December 17, 2023, at an average price of $117.19, totaling approximately $351,570. Following this sale, Talley retains 28,584 shares valued at around $3,349,758.96. Insiders currently own 0.03% of the stock.
Exxon Mobil Corporation, an integrated oil and gas company, engages in exploration, production, refining, and distribution of petroleum products, alongside petrochemical manufacturing. It markets products under well-known brands such as Exxon and Mobil, with Mobil 1 motor oil being a popular consumer product. The company’s comprehensive operations cover the entire energy value chain, ensuring its significant presence in the global market.
