Exxon Mobil (NYSE:XOM) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Thursday, Zacks.com reports. The brokerage currently has a $82.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 14.09% from the company’s previous close.
According to Zacks, “ExxonMobil's bellwether status and an optimal integrated capital structure that has historically produced industry-leading returns make it a relatively lower-risk energy sector play. Recently, the energy giant made two new oil discoveries in the Stabroek Block, which will add to its 10 billion oil-equivalent barrels of recoverable resources from the block. The company also has a strong presence in the prolific Permian Basin, where it continues to lower its fracking & drilling costs. The company has significant lower debt exposure as compared to other integrated majors. ExxonMobil now expects higher sequential profits from its upstream operations in the recently-concluded December quarter. Also, it increased its fourth-quarter 2021 dividend to 88 cents per share. Consequently, ExxonMobil is viewed as a preferred energy firm to own now.”
Other equities research analysts have also recently issued reports about the company. Credit Suisse Group set a $76.00 price objective on Exxon Mobil in a research note on Friday, January 7th. Truist Financial upgraded Exxon Mobil from a “sell” rating to a “hold” rating and boosted their price objective for the company from $50.00 to $65.00 in a research note on Thursday, January 6th. Exane BNP Paribas cut Exxon Mobil from a “neutral” rating to an “underperform” rating and set a $60.00 price objective on the stock. in a research note on Monday, October 11th. The Goldman Sachs Group reiterated a “buy” rating and set a $71.00 price target on shares of Exxon Mobil in a research report on Monday, January 3rd. Finally, Barclays upped their price target on Exxon Mobil from $71.00 to $73.00 and gave the company an “overweight” rating in a research report on Wednesday, December 8th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $66.98.
Exxon Mobil (NYSE:XOM) last announced its quarterly earnings data on Thursday, October 28th. The oil and gas company reported $1.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.56 by $0.02. Exxon Mobil had a positive return on equity of 8.66% and a negative net margin of 2.39%. The business had revenue of $73.79 billion for the quarter, compared to analysts’ expectations of $72.05 billion. During the same period in the previous year, the business posted ($0.18) EPS. The firm’s quarterly revenue was up 59.7% compared to the same quarter last year. As a group, research analysts predict that Exxon Mobil will post 5.07 earnings per share for the current year.
In other news, Director Michael J. Angelakis bought 5,000 shares of the business’s stock in a transaction on Wednesday, November 3rd. The stock was acquired at an average price of $64.00 per share, with a total value of $320,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Linda D. Ducharme sold 8,600 shares of the company’s stock in a transaction that occurred on Tuesday, December 7th. The stock was sold at an average price of $62.45, for a total value of $537,070.00. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 5,544 shares of company stock valued at $352,640 and sold 28,400 shares valued at $1,771,158. 0.05% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Activest Wealth Management purchased a new stake in shares of Exxon Mobil during the second quarter valued at approximately $42,000. Lion Street Advisors LLC purchased a new stake in shares of Exxon Mobil during the second quarter valued at approximately $44,000. Atlas Capital Advisors LLC boosted its stake in shares of Exxon Mobil by 34.0% during the third quarter. Atlas Capital Advisors LLC now owns 717 shares of the oil and gas company’s stock valued at $42,000 after purchasing an additional 182 shares during the period. Bell Investment Advisors Inc purchased a new stake in shares of Exxon Mobil during the third quarter valued at approximately $45,000. Finally, True Link Financial Advisors LLC boosted its stake in shares of Exxon Mobil by 135.3% during the third quarter. True Link Financial Advisors LLC now owns 1,026 shares of the oil and gas company’s stock valued at $60,000 after purchasing an additional 590 shares during the period. 51.71% of the stock is owned by hedge funds and other institutional investors.
Exxon Mobil Company Profile
Exxon Mobil Corp. engages in the exploration, development, and distribution of oil, gas, and petroleum products. It operates through the following segments: Upstream, Downstream and Chemical. The Upstream segment produces crude oil and natural gas. The Downstream segment manufactures and trades petroleum products.
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