Meridian Wealth Management LLC Has $85.25 Million Holdings in Exxon Mobil Corporation (NYSE:XOM)

Key Points

• Meridian Wealth Management LLC reduced its stake in Exxon Mobil by 0.3%, selling 2,418 shares, leaving it with 716,768 shares valued at approximately $85.2 million.
• Exxon Mobil's latest quarterly earnings report showed earnings per share of $1.64, exceeding analysts' expectations of $1.47, but revenue decreased by 12.4% year-over-year to $81.51 billion.
• The company has announced a quarterly dividend of $0.99 per share, which translates to an annual yield of 3.7%, with the ex-dividend date set for August 15th.

Meridian Wealth Management LLC cut its position in shares of Exxon Mobil Corporation (NYSE:XOM - Free Report) by 0.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 716,768 shares of the oil and gas company's stock after selling 2,418 shares during the quarter. Exxon Mobil accounts for 4.1% of Meridian Wealth Management LLC's portfolio, making the stock its 3rd biggest holding. Meridian Wealth Management LLC's holdings in Exxon Mobil were worth $85,245,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Cove Private Wealth LLC lifted its stake in Exxon Mobil by 48.5% during the first quarter. Cove Private Wealth LLC now owns 15,946 shares of the oil and gas company's stock worth $1,896,000 after purchasing an additional 5,210 shares during the period. First American Trust FSB lifted its stake in Exxon Mobil by 21.6% during the first quarter. First American Trust FSB now owns 14,823 shares of the oil and gas company's stock worth $1,763,000 after purchasing an additional 2,633 shares during the period. SouthState Corp lifted its stake in Exxon Mobil by 22.4% during the first quarter. SouthState Corp now owns 80,970 shares of the oil and gas company's stock worth $9,630,000 after purchasing an additional 14,828 shares during the period. CCM Investment Group LLC bought a new position in Exxon Mobil during the first quarter worth about $9,563,000. Finally, Nuveen LLC bought a new position in Exxon Mobil during the first quarter worth about $2,730,414,000. 61.80% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on XOM. Royal Bank Of Canada restated a "sector perform" rating on shares of Exxon Mobil in a research note on Thursday, May 22nd. Morgan Stanley raised their price objective on shares of Exxon Mobil from $134.00 to $135.00 and gave the stock an "overweight" rating in a report on Monday, August 4th. Piper Sandler raised their price objective on shares of Exxon Mobil from $131.00 to $134.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Scotiabank reissued an "outperform" rating on shares of Exxon Mobil in a research note on Friday, July 11th. Finally, Wells Fargo & Company set a $127.00 price objective on shares of Exxon Mobil and gave the company an "overweight" rating in a report on Thursday, June 26th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $125.26.

Exxon Mobil Stock Up 0.3%

Shares of Exxon Mobil stock traded up $0.27 on Tuesday, hitting $106.10. The company had a trading volume of 14,104,424 shares, compared to its average volume of 15,610,114. The firm has a market capitalization of $452.33 billion, a P/E ratio of 15.07, a P/E/G ratio of 1.99 and a beta of 0.53. Exxon Mobil Corporation has a twelve month low of $97.80 and a twelve month high of $126.34. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 0.88. The stock has a 50-day moving average of $109.99 and a 200-day moving average of $108.92.

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

Exxon Mobil Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 15th will be issued a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Friday, August 15th. Exxon Mobil's payout ratio is presently 56.25%.

Exxon Mobil 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.