Belpointe Asset Management LLC has decreased its holdings in Exxon Mobil Corporation (NYSE:XOM) by 4,190 shares, representing a 7.1% reduction in its stake during the third quarter of 2023. This adjustment was disclosed in the firm’s recent Form 13F filing with the Securities and Exchange Commission. Following this sale, Belpointe Asset Management now owns 54,708 shares, valued at approximately $6,168,000 as of the latest reporting period.
Several other institutional investors have also made moves regarding their positions in Exxon Mobil. Westfuller Advisors LLC entered a new investment in the company during the third quarter, worth around $30,000. Similarly, Clayton Financial Group LLC acquired shares valued at approximately $40,000. Notably, TruNorth Capital Management LLC significantly increased its investment, raising its holdings by an impressive 1,595.2% to now own 356 shares worth $40,000. Other firms, including Bare Financial Services Inc. and Halbert Hargrove Global Advisors LLC, have also boosted their stakes in Exxon Mobil.
The collective actions of these hedge funds and institutional investors reveal a broader trend of market engagement with Exxon Mobil, which currently has institutional ownership of approximately 61.80%.
Recent Developments and Market Sentiment
Exxon Mobil has been in the news for various reasons that may influence investor sentiment. The company recently announced the initiation of a commercial carbon capture and storage (CCS) project in partnership with CF Industries in Louisiana. This venture marks a significant step in Exxon’s strategy to enhance its low-carbon initiatives, potentially leading to future revenue linked to emissions reduction and bolstering its environmental, social, and governance (ESG) credibility.
In terms of analyst sentiment, UBS reaffirmed a Buy rating for Exxon Mobil, echoing a positive outlook that may encourage investor confidence. Similarly, Jefferies Financial Group raised its target price for the stock from $146.00 to $148.00, while BNP Paribas Exane adjusted its rating from “underperform” to “neutral,” setting a price target of $114.00.
Despite these positive sentiments, some analysts have expressed caution. A recent report from Seeking Alpha downgraded Exxon Mobil’s rating, citing concerns about the near-term risk/reward dynamics as the company approaches its fourth-quarter results. Additionally, authorities in Kazakhstan have urged Exxon to expedite repairs at the Tengiz oilfield, highlighting potential production disruptions at a key site that could impact both volumes and revenue.
Stock Performance and Financial Overview
As of the latest trading session, shares of Exxon Mobil opened at $134.78. Over the past year, the stock has experienced a low of $97.80 and a high of $136.94. The company’s market capitalization stands at approximately $568.39 billion, boasting a price-to-earnings (P/E) ratio of 19.59 and a price-to-earnings-growth (PEG) ratio of 8.62.
Exxon Mobil released its earnings report on October 31, 2023, revealing earnings per share of $1.88, surpassing analysts’ expectations of $1.72. The firm reported revenues of $83.33 billion, slightly ahead of the anticipated $83.09 billion. While the net margin was 8.99% and return on equity was 11.22%, revenue showed a decline of 5.2% compared to the same quarter last year.
The company has also announced a quarterly dividend of $1.03, which was paid on December 10, 2023. This dividend represents an annualized amount of $4.12, yielding 3.1%. This increase from the previous quarterly dividend of $0.99 reflects Exxon Mobil’s commitment to returning value to shareholders.
In related news, Vice President Darrin L. Talley sold 3,000 shares of Exxon’s stock in a transaction valued at approximately $351,570.00. Following this transaction, he retains 28,584 shares of the company.
Exxon Mobil continues to navigate a complex landscape of market dynamics and investor expectations, with ongoing developments in both operational initiatives and financial performance influencing its trajectory in the energy sector.
