Sumitomo Mitsui Trust Group Inc. Trims Holdings in ExxonMobil Corporation $XOM

Key Points

• Sumitomo Mitsui Trust Group cut its ExxonMobil stake by 5.5% in the first quarter, selling 547,794 shares and ending with 9.35 million shares worth about $1.59 billion.
• Analyst sentiment remains constructive, with ExxonMobil carrying a consensus “Moderate Buy” rating and an average price target of $164.45, despite a few recent downgrades and target cuts.
• Oil price strength is helping the stock, as escalating U.S.-Iran tensions and fears around the Strait of Hormuz have lifted crude prices and improved the outlook for Exxon’s upstream and refining operations.

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of ExxonMobil Corporation (NYSE:XOM - Free Report) by 5.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,352,140 shares of the oil and gas company's stock after selling 547,794 shares during the quarter. ExxonMobil accounts for approximately 1.0% of Sumitomo Mitsui Trust Group Inc.'s investment portfolio, making the stock its 14th largest holding. Sumitomo Mitsui Trust Group Inc. owned 0.22% of ExxonMobil worth $1,586,684,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Impact Partnership Wealth LLC raised its holdings 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 worth $2,039,000 after purchasing an additional 67 shares during the last quarter. Cardinal Strategic Wealth Guidance boosted its holdings in ExxonMobil by 1.9% in the first quarter. Cardinal Strategic Wealth Guidance now owns 3,720 shares of the oil and gas company's stock valued at $631,000 after purchasing an additional 68 shares during the last quarter. ICW Investment Advisors LLC grew its position in ExxonMobil by 0.3% during the 4th quarter. ICW Investment Advisors LLC now owns 25,286 shares of the oil and gas company's stock worth $3,043,000 after purchasing an additional 69 shares during the period. Swisher Financial Concepts Inc. grew its position in ExxonMobil by 0.3% during the 1st quarter. Swisher Financial Concepts Inc. now owns 27,402 shares of the oil and gas company's stock worth $4,649,000 after purchasing an additional 69 shares during the period. Finally, Fortis Capital Management LLC raised its stake in shares of ExxonMobil by 2.0% during the 4th quarter. Fortis Capital Management LLC now owns 3,603 shares of the oil and gas company's stock valued at $434,000 after buying an additional 70 shares during the last quarter. Institutional investors and hedge funds own 61.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Zacks Research downgraded ExxonMobil from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 26th. JPMorgan Chase & Co. boosted their price target on ExxonMobil from $140.00 to $170.00 and gave the company an "overweight" rating in a report on Thursday, April 9th. TD Cowen lowered their price objective on ExxonMobil from $172.00 to $155.00 and set a "buy" rating on the stock in a research report on Thursday, July 2nd. UBS Group raised their price objective on shares of ExxonMobil from $171.00 to $174.00 and gave the stock a "buy" rating in a research note on Monday, May 4th. Finally, Weiss Ratings lowered shares of ExxonMobil from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat, ExxonMobil has an average rating of "Moderate Buy" and an average target price of $164.45.

Key Stories Impacting ExxonMobil

Here are the key news stories impacting ExxonMobil this week:

• Positive Sentiment: Escalating U.S.-Iran conflict and new measures affecting the Strait of Hormuz are lifting oil prices and improving the outlook for ExxonMobil’s upstream and refining businesses. Why ExxonMobil (XOM) Stock Is Up Today
• Positive Sentiment: Broader energy market strength is supporting XOM, with reports that oil is nearing $80 a barrel as investors price in higher supply risk from the Middle East conflict. BATL, TPET, WTI, XOM, USO Stocks Climb Amid Escalating US-Iran Conflict: Oil Nears $80 A Barrel
• Positive Sentiment: One market note says energy profits may remain attractive in the near term, keeping investor interest focused on oil names like ExxonMobil. Why ExxonMobil (XOM) stock is up today
• Neutral Sentiment: A separate market wrap showed U.S. stocks closing lower overall, reflecting risk-off sentiment tied partly to the same Iran-related tensions, though this was a broad market move rather than Exxon-specific news. Stocks Settle Lower as Chipmakers Routed and US-Iran Tensions Escalate

ExxonMobil Stock Up 3.9%

Shares of XOM opened at $144.34 on Tuesday. The firm has a market cap of $598.29 billion, a P/E ratio of 24.34, a PEG ratio of 0.56 and a beta of 0.17. ExxonMobil Corporation has a 12 month low of $105.53 and a 12 month high of $176.41. The stock's 50 day moving average is $146.01 and its two-hundred day moving average is $145.75. 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 (NYSE:XOM - Get Free Report) last announced its earnings results on Friday, May 1st. The oil and gas company reported $1.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.98 by $0.18. ExxonMobil had a return on equity of 10.24% and a net margin of 7.57%.The firm had revenue of $83.16 billion for the quarter, compared to analyst estimates of $81.13 billion. During the same quarter last year, the firm posted $1.76 EPS. The business's revenue was up 2.4% on a year-over-year basis. Analysts predict that ExxonMobil Corporation will post 11.69 earnings per share for the current fiscal year.

ExxonMobil Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 15th were given a dividend of $1.03 per share. The ex-dividend date was Friday, May 15th. This represents a $4.12 dividend on an annualized basis and a yield of 2.9%. ExxonMobil's dividend payout ratio is currently 69.48%.

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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