ExxonMobil Corporation $XOM is Kornitzer Capital Management Inc. KS's 3rd Largest Position

Key Points

• Kornitzer Capital Management trimmed its ExxonMobil stake by 2.7% in the first quarter but still held 653,550 shares worth about $110.9 million, making XOM its 3rd largest position.
• Analysts remain broadly positive: ExxonMobil currently has an average rating of “Moderate Buy” with an average price target of $164.45, though some firms recently adjusted their targets and one downgraded the stock.
• ExxonMobil reported better-than-expected quarterly results and pays a $1.03 quarterly dividend yielding about 2.8%; the stock is also being supported by higher crude prices and rising U.S.-Iran tensions.

Kornitzer Capital Management Inc. KS cut its holdings in ExxonMobil Corporation (NYSE:XOM - Free Report) by 2.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 653,550 shares of the oil and gas company's stock after selling 17,847 shares during the period. ExxonMobil accounts for 2.4% of Kornitzer Capital Management Inc. KS's holdings, making the stock its 3rd biggest holding. Kornitzer Capital Management Inc. KS's holdings in ExxonMobil were worth $110,881,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Impact Partnership Wealth LLC raised its position in shares of ExxonMobil by 0.6% during the first quarter. Impact Partnership Wealth LLC now owns 12,017 shares of the oil and gas company's stock valued at $2,039,000 after buying an additional 67 shares during the last quarter. Cardinal Strategic Wealth Guidance boosted its position in shares of ExxonMobil by 1.9% during the first quarter. Cardinal Strategic Wealth Guidance now owns 3,720 shares of the oil and gas company's stock worth $631,000 after acquiring an additional 68 shares during the last quarter. ICW Investment Advisors LLC grew its stake in ExxonMobil by 0.3% during the fourth quarter. ICW Investment Advisors LLC now owns 25,286 shares of the oil and gas company's stock valued at $3,043,000 after acquiring an additional 69 shares in the last quarter. Swisher Financial Concepts Inc. increased its holdings in ExxonMobil by 0.3% in the 1st quarter. Swisher Financial Concepts Inc. now owns 27,402 shares of the oil and gas company's stock valued at $4,649,000 after acquiring an additional 69 shares during the last quarter. Finally, Fortis Capital Management LLC lifted its stake in ExxonMobil by 2.0% in the 4th quarter. Fortis Capital Management LLC now owns 3,603 shares of the oil and gas company's stock worth $434,000 after purchasing an additional 70 shares in the last quarter. 61.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on XOM. Piper Sandler reduced their target price on ExxonMobil from $186.00 to $182.00 and set an "overweight" rating on the stock in a report on Thursday, April 9th. UBS Group raised their price target on ExxonMobil from $171.00 to $174.00 and gave the company a "buy" rating in a report on Monday, May 4th. Jefferies Financial Group lifted their price objective on ExxonMobil from $178.00 to $184.00 and gave the stock a "buy" rating in a research note on Thursday, April 9th. Citigroup reaffirmed a "neutral" rating on shares of ExxonMobil in a report on Wednesday, July 8th. Finally, Wolfe Research downgraded ExxonMobil from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $164.45.

Key Headlines Impacting ExxonMobil

Here are the key news stories impacting ExxonMobil this week:

• Positive Sentiment: WTI crude rising above $80 is a favorable setup for ExxonMobil’s upstream business, lifting expectations for stronger margins and cash flow from its oil production operations. Oil Crosses $80 Again: Can ExxonMobil's Upstream Business Thrive?
• Positive Sentiment: Rising U.S.-Iran tensions have supported energy prices broadly, which tends to benefit ExxonMobil as an integrated oil major with significant crude production exposure. Why ExxonMobil (XOM) Stock Is Up Today
• Positive Sentiment: ExxonMobil is being highlighted as one of the stocks most likely to benefit if gasoline prices remain elevated, reinforcing the market’s view that the company can capitalize on stronger energy pricing. 5 Stocks Poised to Benefit the Most When US Gas Prices Soar
• Neutral Sentiment: The stock is drawing extra attention from traders and Zacks users, but this appears to reflect increased interest rather than a new company-specific catalyst. Here is What to Know Beyond Why ExxonMobil Holdings Corporation (XOM) is a Trending Stock
• Neutral Sentiment: Broader energy-sector articles note that crude’s rebound is lifting oil stocks generally, which is supportive for XOM but not unique to the company. Shell, BP, and other energy stocks jump as crude oil prices rebound
• Negative Sentiment: There were also market-wide headlines about U.S. strikes and escalating conflict, which can keep volatility elevated and create uncertainty around energy markets even as they support oil prices. Stocks Settle Lower as Chipmakers Routed and US-Iran Tensions Escalate

ExxonMobil Stock Up 0.4%

Shares of NYSE XOM opened at $145.04 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 0.77 and a debt-to-equity ratio of 0.13. ExxonMobil Corporation has a 12-month low of $105.53 and a 12-month high of $176.41. The firm's 50-day moving average price is $145.82 and its 200-day moving average price is $145.93. The stock has a market capitalization of $601.18 billion, a price-to-earnings ratio of 24.46, a P/E/G ratio of 0.59 and a beta of 0.17.

ExxonMobil (NYSE:XOM - Get Free Report) last released 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 return on equity of 10.24% and a net margin of 7.57%.The company had revenue of $83.16 billion during the quarter, compared to analyst estimates of $81.13 billion. During the same quarter last year, the business posted $1.76 earnings per share. The firm's revenue was up 2.4% on a year-over-year basis. On average, equities research analysts anticipate that ExxonMobil Corporation will post 11.48 EPS for the current fiscal year.

ExxonMobil Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Friday, May 15th were issued a $1.03 dividend. The ex-dividend date was Friday, May 15th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.8%. ExxonMobil's payout ratio is 69.48%.

ExxonMobil Profile

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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