ExxonMobil (NYSE:XOM) Stock Rating Lowered by Wells Fargo & Company

Key Points

• Wells Fargo downgraded ExxonMobil from “strong buy” to “hold,” contributing to an overall analyst consensus of “hold” from 25 analysts, with an average price target of $164.78.
• ExxonMobil shares rose 0.6% to $163.80, near their 12-month high of $176.41; the company reported quarterly EPS of $3.52, slightly below estimates, while revenue exceeded expectations.
• Institutional investors continue to hold a substantial position in ExxonMobil, owning approximately 61.8% of outstanding shares, with several investment firms increasing their stakes recently.

ExxonMobil (NYSE:XOM - Get Free Report) was downgraded by investment analysts at Wells Fargo & Company from a "strong-buy" rating to a "hold" rating in a research note issued on Wednesday, Zacks reports.

Other analysts also recently issued reports about the stock. Wall Street Zen upgraded shares of ExxonMobil to a "hold" rating in a research report on Saturday, September 5th. TD Cowen boosted their price objective on shares of ExxonMobil from $168.00 to $180.00 and gave the company a "buy" rating in a report on Monday. BNP Paribas Exane cut their target price on shares of ExxonMobil from $165.00 to $155.00 and set a "neutral" rating on the stock in a report on Friday, July 17th. Piper Sandler upped their price objective on shares of ExxonMobil from $158.00 to $185.00 and gave the company a "neutral" rating in a research report on Thursday, September 3rd. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $180.00 price objective (up from $160.00) on shares of ExxonMobil in a research note on Monday, September 21st. Eleven analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $164.78.

ExxonMobil Trading Up 0.6%

NYSE XOM opened at $163.80 on Wednesday. The stock has a 50-day simple moving average of $160.47 and a 200 day simple moving average of $153.89. The company has a market capitalization of $678.93 billion, a PE ratio of 21.08, a P/E/G ratio of 0.96 and a beta of 0.21. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.12. ExxonMobil has a 12 month low of $110.39 and a 12 month high of $176.41.

ExxonMobil (NYSE:XOM - Get Free Report) last issued its earnings results on Friday, July 31st. The oil and gas company reported $3.52 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.56 by ($0.04). The company had revenue of $114.53 billion for the quarter, compared to the consensus estimate of $109.94 billion. ExxonMobil had a return on equity of 13.14% and a net margin of 8.88%.During the same quarter last year, the business posted $1.64 EPS. Research analysts forecast that ExxonMobil will post 12.4 EPS for the current year.

Hedge Funds Weigh In On ExxonMobil

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Global Wealth Strategies & Associates boosted its position in ExxonMobil by 35.2% during the third quarter. Global Wealth Strategies & Associates now owns 2,333 shares of the oil and gas company's stock worth $380,000 after purchasing an additional 607 shares during the period. Versant Capital Management Inc increased its holdings in shares of ExxonMobil by 0.8% during the third quarter. Versant Capital Management Inc now owns 57,083 shares of the oil and gas company's stock worth $9,290,000 after purchasing an additional 428 shares during the period. Burkett Financial Services LLC raised its holdings in ExxonMobil by 27.1% in the 3rd quarter. Burkett Financial Services LLC now owns 2,532 shares of the oil and gas company's stock valued at $412,000 after acquiring an additional 540 shares in the last quarter. Confluence Investment Management LLC raised its stake in ExxonMobil by 36.5% in the third quarter. Confluence Investment Management LLC now owns 13,353 shares of the oil and gas company's stock valued at $2,173,000 after purchasing an additional 3,569 shares in the last quarter. Finally, Greenwich Wealth Management LLC raised its position in shares of ExxonMobil by 2.9% in the 2nd quarter. Greenwich Wealth Management LLC now owns 12,090 shares of the oil and gas company's stock valued at $1,653,000 after buying an additional 337 shares in the last quarter. Institutional investors own 61.80% of the company's stock.

Key Headlines Impacting ExxonMobil

Here are the key news stories impacting ExxonMobil this week:

• Positive Sentiment: ExxonMobil’s low-cost Guyana and Permian Basin assets, expected production growth and cost reductions are viewed as drivers of stronger long-term earnings and cash flow. ExxonMobil's Advantageous Upstream Assets to Fuel Long-Term Growth
• Positive Sentiment: Record or elevated diesel prices could improve refining margins and increase pricing power for ExxonMobil, particularly while refined-fuel supplies remain constrained despite improving crude transportation through the Strait of Hormuz. Diesel Prices Are Surging and ExxonMobil Stock Could Benefit
• Positive Sentiment: Potential crude-supply agreements with Vietnam could deepen ExxonMobil’s regional energy relationships and expand future crude, LNG and LPG opportunities. Chevron & ExxonMobil Ink Potential Crude Supply Deals With Vietnam
• Positive Sentiment: A U.S. consumer lawsuit over plastics-recycling claims was dismissed, removing a potential litigation overhang. Exxon, others defeat consumer lawsuit over plastic recycling claims
• Neutral Sentiment: Wells Fargo reaffirmed its “equal weight” rating but raised its price target to $182, implying additional upside while signaling that the analyst does not see a strong reason to materially outperform peers.
• Neutral Sentiment: ExxonMobil’s selection of SLB’s OneSubsea venture for the first phase of Mozambique’s Rovuma LNG project supports future growth, though the project will require substantial investment and has a long development timeline. ExxonMobil Taps SLB Venture for Giant African LNG Project
• Negative Sentiment: Refiners such as Marathon Petroleum and Valero are outperforming integrated majors, indicating that investors currently favor direct exposure to strong fuel margins over ExxonMobil’s broader upstream and downstream portfolio. Refiners Outrun Integrated Majors
• Negative Sentiment: ExxonMobil and other oil companies reportedly face a potential $5.2 billion Kazakhstan fine, creating an unresolved legal and financial risk. Market Chatter: ExxonMobil Faces Kazakhstan Fine

ExxonMobil Company Profile

Exxon Mobil Corporation, commonly known as ExxonMobil, is an integrated energy company engaged in the exploration, development, production and sale of crude oil and natural gas. The company also manufactures and markets fuels, lubricants, petrochemicals and specialty products used in transportation, industrial and consumer applications.

ExxonMobil operates across the energy value chain through businesses that include upstream oil and natural gas production, refining and fuels marketing, chemical manufacturing, and lower-carbon solutions.

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