Cove Private Wealth LLC Purchases 3,704 Shares of Exxon Mobil Corporation $XOM

Key Points

• Cove Private Wealth LLC increased its holdings in Exxon Mobil by 23.2%, acquiring an additional 3,704 shares in the second quarter, bringing its total ownership to 19,650 shares valued at approximately $2.12 million.
• Exxon Mobil reported better-than-expected quarterly earnings of $1.64 EPS, exceeding analysts’ estimates, although its revenue declined by 12.4% year-over-year.
• The company declared a quarterly dividend of $0.99 per share, reflecting an annualized yield of 3.4% and a payout ratio of 56.25%.

Cove Private Wealth LLC lifted its position in shares of Exxon Mobil Corporation (NYSE:XOM - Free Report) by 23.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,650 shares of the oil and gas company's stock after purchasing an additional 3,704 shares during the quarter. Cove Private Wealth LLC's holdings in Exxon Mobil were worth $2,118,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Summit Global Investments lifted its position in Exxon Mobil by 40.1% in the 1st quarter. Summit Global Investments now owns 12,058 shares of the oil and gas company's stock valued at $1,434,000 after acquiring an additional 3,453 shares in the last quarter. Spartan Planning & Wealth Management bought a new stake in Exxon Mobil in the 1st quarter valued at $394,000. Rothschild Investment LLC lifted its position in Exxon Mobil by 0.9% during the 1st quarter. Rothschild Investment LLC now owns 144,582 shares of the oil and gas company's stock worth $17,195,000 after buying an additional 1,272 shares in the last quarter. St. Louis Financial Planners Asset Management LLC bought a new stake in Exxon Mobil during the 1st quarter worth about $2,846,000. Finally, Legacy Financial Strategies LLC bought a new stake in Exxon Mobil during the 1st quarter worth about $228,000. 61.80% of the stock is owned by institutional investors.

Exxon Mobil Stock Up 1.3%

Shares of XOM opened at $117.15 on Friday. Exxon Mobil Corporation has a 52 week low of $97.80 and a 52 week high of $126.34. The firm has a market cap of $499.44 billion, a P/E ratio of 16.64, a price-to-earnings-growth ratio of 2.13 and a beta of 0.57. The firm's 50-day simple moving average is $110.83 and its 200 day simple moving average is $109.52. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.88 and a current ratio of 1.25.

Exxon Mobil (NYSE:XOM - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.64 EPS for the quarter, beating analysts' consensus estimates of $1.47 by $0.17. Exxon Mobil had a net margin of 9.17% and a return on equity of 11.34%. The business had revenue of $81.51 billion for the quarter, compared to analyst estimates of $79.07 billion. During the same quarter in the prior year, the business earned $2.14 EPS. Exxon Mobil's quarterly revenue was down 12.4% on a year-over-year basis. On average, analysts forecast that Exxon Mobil Corporation will post 7.43 earnings per share for the current year.

Exxon Mobil Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Friday, August 15th were paid a $0.99 dividend. The ex-dividend date was Friday, August 15th. This represents a $3.96 dividend on an annualized basis and a yield of 3.4%. Exxon Mobil's dividend payout ratio is 56.25%.

Wall Street Analyst Weigh In

Several brokerages have commented on XOM. Bank of America boosted their price target on shares of Exxon Mobil from $113.00 to $120.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 10th. Melius began coverage on shares of Exxon Mobil in a research report on Wednesday, August 20th. They set a "hold" rating and a $111.00 price target on the stock. Wall Street Zen raised shares of Exxon Mobil from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Scotiabank restated an "outperform" rating on shares of Exxon Mobil in a research note on Friday, July 11th. Finally, TD Cowen boosted their price objective on shares of Exxon Mobil from $120.00 to $128.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Exxon Mobil currently has an average rating of "Hold" and an average price target of $125.00.

Insider Buying and Selling

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

About Exxon Mobil

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.

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