ExxonMobil (NYSE:XOM) Stock Price Down 2.1% - Here's Why

Key Points

• ExxonMobil shares fell 2.1% on Thursday, trading as low as $135.85 amid heavy volume that was about 130% above average. The decline appears tied largely to weaker oil prices, which are pressuring the energy sector.
• The company continues to pursue long-term growth projects, including a new exploration push in Guyana’s Stabroek Block that could add up to 35 wells from 2028 through 2033. Exxon also signed a preliminary deal to supply LNG to South Africa’s first import terminal, expanding its gas-market opportunities.
• Despite the recent pullback, analysts still view ExxonMobil as relatively resilient, with a consensus rating of Moderate Buy and a price target of $165.70. The company also reported strong quarterly results, beating EPS and revenue estimates, and pays a 3.0% dividend yield.

ExxonMobil Corporation (NYSE:XOM - Get Free Report)'s stock price was down 2.1% on Thursday . The company traded as low as $135.85 and last traded at $137.8450. 47,515,287 shares traded hands during mid-day trading, an increase of 130% from the average session volume of 20,683,650 shares. The stock had previously closed at $140.74.

More ExxonMobil News

Here are the key news stories impacting ExxonMobil this week:

• Positive Sentiment: ExxonMobil is moving ahead with a new exploration push in Guyana’s Stabroek Block, with plans to drill up to 35 additional wells from 2028 through 2033, supporting longer-term production growth. Article Title
• Positive Sentiment: Exxon also signed a preliminary deal to supply LNG to South Africa’s first import terminal, adding another potential growth avenue for its gas business and reinforcing international LNG demand. Article Title
• Neutral Sentiment: Bank of America reportedly sees Exxon differently than the wider oil market, and the stock has been viewed as more resilient than peers despite the recent pullback. Article Title
• Neutral Sentiment: Analysts continue to describe Exxon as a relatively low-cost, diversified producer that may remain profitable even with weaker crude prices. Article Title
• Negative Sentiment: Lower oil prices are the main headwind for ExxonMobil’s near-term stock performance, with the latest geopolitical easing reducing crude market risk premiums and weighing on the energy sector. Article Title

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Citigroup boosted their price objective on ExxonMobil from $150.00 to $175.00 and gave the stock a "neutral" rating in a report on Thursday, April 2nd. Piper Sandler dropped their target price on shares of ExxonMobil from $186.00 to $182.00 and set an "overweight" rating on the stock in a research report on Thursday, April 9th. Sanford C. Bernstein cut their price target on shares of ExxonMobil from $195.00 to $182.00 and set an "outperform" rating on the stock in a report on Monday, May 11th. TD Cowen restated a "buy" rating on shares of ExxonMobil in a research report on Monday. Finally, Jefferies Financial Group lifted their price objective on shares of ExxonMobil from $178.00 to $184.00 and gave the stock a "buy" rating in a research report on Thursday, April 9th. Eleven investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, ExxonMobil currently has a consensus rating of "Moderate Buy" and a consensus price target of $165.70.

ExxonMobil Trading Down 2.1%

The company has a market cap of $571.36 billion, a PE ratio of 23.25, a PEG ratio of 0.60 and a beta of 0.16. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.77 and a current ratio of 1.04. The company has a 50 day simple moving average of $150.85 and a two-hundred day simple moving average of $143.10.

ExxonMobil (NYSE:XOM - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.98 by $0.18. ExxonMobil had a net margin of 7.57% and a return on equity of 10.24%. The business had revenue of $83.16 billion during the quarter, compared to analysts' expectations of $81.13 billion. During the same period last year, the company posted $1.76 earnings per share. The firm's quarterly revenue was up 2.4% compared to the same quarter last year. Sell-side analysts forecast that ExxonMobil Corporation will post 11.8 EPS for the current year.

ExxonMobil Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Friday, May 15th were issued a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Friday, May 15th. ExxonMobil's payout ratio is currently 69.48%.

Hedge Funds Weigh In On ExxonMobil

A number of hedge funds have recently modified their holdings of the stock. Eagle Capital Management LLC increased its position in ExxonMobil by 15.3% in the 1st quarter. Eagle Capital Management LLC now owns 2,836 shares of the oil and gas company's stock worth $337,000 after purchasing an additional 376 shares during the last quarter. Caxton Associates LLP acquired a new stake in shares of ExxonMobil during the 1st quarter valued at about $305,000. Sivia Capital Partners LLC grew its stake in shares of ExxonMobil by 1.9% in the 2nd quarter. Sivia Capital Partners LLC now owns 11,237 shares of the oil and gas company's stock valued at $1,211,000 after buying an additional 207 shares in the last quarter. United Bank increased its holdings in ExxonMobil by 2.8% in the second quarter. United Bank now owns 21,821 shares of the oil and gas company's stock worth $2,352,000 after buying an additional 600 shares during the last quarter. Finally, Schnieders Capital Management LLC. increased its holdings in ExxonMobil by 17.4% in the second quarter. Schnieders Capital Management LLC. now owns 36,710 shares of the oil and gas company's stock worth $3,957,000 after buying an additional 5,443 shares during the last quarter. 61.80% of the stock is owned by institutional investors and hedge funds.

About ExxonMobil

ExxonMobil Corporation NYSE: XOM is an integrated oil and gas company engaged in the exploration, production, refining, distribution and marketing of petroleum products and the manufacture and sale of petrochemicals. Its operations span the full energy value chain, including upstream exploration and development of crude oil and natural gas; midstream transportation and storage; and downstream refining, product distribution and retail. The company also produces a broad range of chemical products for industrial and consumer applications.

ExxonMobil markets fuels and lubricants under well-known brands such as Exxon, Mobil and Esso, and its Mobil 1 motor oil is a prominent consumer product.

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