The Manufacturers Life Insurance Company Cuts Stake in ExxonMobil Corporation $XOM

Key Points

• The Manufacturers Life Insurance Company reduced its ExxonMobil stake by 4.2%, selling 142,982 shares and retaining 3.26 million shares valued at approximately $552.7 million. Institutional investors collectively own 61.8% of XOM.
• ExxonMobil reported quarterly EPS of $1.16, exceeding the $0.98 analyst consensus, while revenue of $83.16 billion also topped estimates. Revenue increased 2.4% year over year.
• The company maintains a quarterly dividend of $1.03, equivalent to a 2.7% annualized yield. Analysts hold a “Moderate Buy” consensus rating with an average price target of $163.25.

The Manufacturers Life Insurance Company cut its holdings in shares of ExxonMobil Corporation (NYSE:XOM - Free Report) by 4.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,257,803 shares of the oil and gas company's stock after selling 142,982 shares during the quarter. The Manufacturers Life Insurance Company owned 0.08% of ExxonMobil worth $552,722,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of XOM. Eagle Capital Management LLC grew its stake in ExxonMobil by 15.3% during 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 in the last quarter. Caxton Associates LLP acquired a new stake in ExxonMobil in the 1st quarter valued at about $305,000. Sivia Capital Partners LLC boosted 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 during the period. United Bank boosted its stake in shares of ExxonMobil by 2.8% in the 2nd quarter. United Bank now owns 21,821 shares of the oil and gas company's stock valued at $2,352,000 after buying an additional 600 shares during the period. Finally, Schnieders Capital Management LLC. grew its position in shares of ExxonMobil by 17.4% during 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 in the last quarter. Institutional investors and hedge funds own 61.80% of the company's stock.

ExxonMobil Price Performance

XOM stock opened at $154.50 on Tuesday. The business has a 50 day moving average price of $145.80 and a 200 day moving average price of $147.84. The stock has a market cap of $640.42 billion, a price-to-earnings ratio of 26.05, a PEG ratio of 0.64 and a beta of 0.17. ExxonMobil Corporation has a fifty-two week low of $105.53 and a fifty-two week high of $176.41. The company has a quick ratio of 0.77, a current ratio of 1.04 and a debt-to-equity ratio of 0.13.

ExxonMobil (NYSE:XOM - Get Free Report) last announced its quarterly 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. The firm had revenue of $83.16 billion during the quarter, compared to the consensus estimate of $81.13 billion. ExxonMobil had a return on equity of 10.24% and a net margin of 7.57%.The firm's quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.76 earnings per share. Equities research analysts anticipate that ExxonMobil Corporation will post 11.55 earnings per share for the current fiscal year.

ExxonMobil Dividend Announcement

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 annualized dividend and a dividend yield of 2.7%. ExxonMobil's dividend payout ratio is presently 69.48%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on XOM. Weiss Ratings cut shares of ExxonMobil from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, May 21st. Mizuho lowered their price target on shares of ExxonMobil from $175.00 to $170.00 and set a "neutral" rating for the company in a report on Thursday, July 9th. Piper Sandler initiated coverage on shares of ExxonMobil in a report on Thursday. They issued a "neutral" rating and a $158.00 price objective on the stock. Sanford C. Bernstein decreased their price objective on shares of ExxonMobil from $195.00 to $182.00 and set an "outperform" rating for the company in a research report on Monday, May 11th. Finally, Jefferies Financial Group boosted their target price on shares of ExxonMobil from $178.00 to $184.00 and gave the stock a "buy" rating in a research note on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, ExxonMobil currently has a consensus rating of "Moderate Buy" and an average target price of $163.25.

ExxonMobil News Summary

Here are the key news stories impacting ExxonMobil this week:

• Positive Sentiment: ExxonMobil’s valuation may offer support. One analysis argues that the stock remains discounted based on discounted-cash-flow estimates and market multiples, despite its strong five-year performance and elevated oil prices. ExxonMobil Stock Could Be Cheap on Value Despite a 228% Run
• Positive Sentiment: The company is reportedly shifting new oil investment toward Nigeria and other African markets, potentially expanding its upstream growth opportunities and geographic diversification. Execution, political and operational risks remain considerations. ExxonMobil Is Moving New Oil Spending to Nigeria and Africa
• Neutral Sentiment: ExxonMobil is attracting unusually high investor search interest, which may increase near-term attention but does not itself change the company’s earnings outlook. Investors Heavily Search ExxonMobil
• Neutral Sentiment: ExxonMobil is among the major companies reporting during a particularly busy earnings week. Investors will look for updates on production, refining margins, capital spending and management’s outlook. Earnings Week Ahead
• Neutral Sentiment: Broader equities were mixed as markets awaited the Federal Reserve’s decision and additional earnings reports, leaving macroeconomic uncertainty as an important short-term influence on XOM. Equities Mixed Intraday as Markets Await Fed Decision
• Negative Sentiment: Oil prices fell as easing Middle East tensions reduced the geopolitical risk premium. Lower crude prices can pressure ExxonMobil’s upstream revenue, cash flow and profit expectations, helping explain why the stock weakened even as the broader market gained. Exxon Mobil Shares Fall as Oil Prices Tumble

ExxonMobil Company 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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