Exxon Mobil Corporation $XOM Shares Sold by Summit Asset Management LLC

Summit Asset Management LLC trimmed its position in Exxon Mobil Corporation (NYSE:XOM) by 5.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,132 shares of the oil and gas company’s stock after selling 1,568 shares during the quarter. Summit Asset Management LLC’s holdings in Exxon Mobil were worth $2,709,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Nuveen LLC purchased a new stake in Exxon Mobil in the first quarter valued at $2,730,414,000. GQG Partners LLC lifted its position in Exxon Mobil by 15,135.7% in the first quarter. GQG Partners LLC now owns 10,071,077 shares of the oil and gas company’s stock valued at $1,197,753,000 after buying an additional 10,004,975 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in Exxon Mobil during the second quarter worth about $607,621,000. Ameriprise Financial Inc. increased its position in shares of Exxon Mobil by 10.8% during the first quarter. Ameriprise Financial Inc. now owns 27,017,683 shares of the oil and gas company’s stock valued at $3,213,848,000 after acquiring an additional 2,639,797 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of Exxon Mobil by 72.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 5,549,909 shares of the oil and gas company’s stock valued at $598,280,000 after acquiring an additional 2,332,293 shares during the period. Hedge funds and other institutional investors own 61.80% of the company’s stock.

Insider Activity

In other news, VP Darrin L. Talley sold 2,158 shares of Exxon Mobil stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $110.45, for a total transaction of $238,351.10. Following the completion of the sale, the vice president directly owned 13,829 shares of the company’s stock, valued at approximately $1,527,413.05. The trade was a 13.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.03% of the company’s stock.

Exxon Mobil Stock Performance

Shares of XOM opened at $117.19 on Friday. Exxon Mobil Corporation has a 1 year low of $97.80 and a 1 year high of $123.21. The stock has a market capitalization of $494.19 billion, a PE ratio of 16.65, a PEG ratio of 2.06 and a beta of 0.49. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.88 and a current ratio of 1.25. The stock has a 50-day simple moving average of $113.45 and a 200-day simple moving average of $110.28.

Exxon Mobil (NYSE:XOM) last released its earnings results on Friday, June 17th. The oil and gas company reported $0.65 earnings per share for the quarter. Exxon Mobil had a net margin of 9.17% and a return on equity of 11.34%. The firm had revenue of $57.55 billion for the quarter. On average, analysts predict that Exxon Mobil Corporation will post 7.43 earnings per share for the current fiscal year.

Exxon Mobil Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Friday, November 14th will be issued a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Friday, November 14th. This is a positive change from Exxon Mobil’s previous quarterly dividend of $0.99. Exxon Mobil’s dividend payout ratio (DPR) is 59.88%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on XOM. Bank of America lifted their target price on shares of Exxon Mobil from $113.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, September 10th. Morgan Stanley increased their target price on Exxon Mobil from $134.00 to $135.00 and gave the stock an “overweight” rating in a research note on Monday, August 4th. UBS Group lifted their target price on Exxon Mobil from $143.00 to $145.00 and gave the company a “buy” rating in a research report on Monday, October 13th. Mizuho lowered their price objective on shares of Exxon Mobil from $124.00 to $123.00 and set a “neutral” rating for the company in a research note on Monday, September 15th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Exxon Mobil in a research note on Monday, November 3rd. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $128.50.

Exxon Mobil Company Profile

Exxon Mobil Corporation engages in the exploration and production of crude oil and natural gas in the United States and internationally. It operates through Upstream, Energy Products, Chemical Products, and Specialty Products segments. The Upstream segment explores for and produces crude oil and natural gas.