Scotiabank Issues Positive Forecast for Exxon Mobil (NYSE:XOM) Stock Price

Key Points

• Scotiabank has raised its price target for Exxon Mobil from $125.00 to $128.00, indicating a potential upside of 12.37% from the stock's previous close.
• Exxon Mobil reported earnings of $1.64 per share, exceeding analysts' expectations, although revenue fell 12.4% compared to the same quarter last year.
• Institutional ownership in Exxon Mobil has grown significantly, with major investments from firms like Norges Bank and GQG Partners increasing their stakes in the company.

Exxon Mobil (NYSE:XOM - Get Free Report) had its price objective raised by stock analysts at Scotiabank from $125.00 to $128.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "sector outperform" rating on the oil and gas company's stock. Scotiabank's target price points to a potential upside of 12.37% from the stock's previous close.

A number of other equities analysts have also issued reports on the company. TD Cowen increased their price target on Exxon Mobil from $120.00 to $128.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Piper Sandler set a $141.00 price target on Exxon Mobil in a research note on Tuesday. Morgan Stanley increased their price target on Exxon Mobil from $134.00 to $135.00 and gave the company an "overweight" rating in a research note on Monday, August 4th. Melius initiated coverage on Exxon Mobil in a research note on Wednesday, August 20th. They set a "hold" rating and a $111.00 price target for the company. Finally, Wells Fargo & Company set a $127.00 price target on Exxon Mobil and gave the company an "overweight" rating in a research note on Thursday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $125.95.

Exxon Mobil Stock Performance

Shares of NYSE XOM traded down $0.11 during midday trading on Thursday, hitting $113.91. 2,332,433 shares of the company's stock were exchanged, compared to its average volume of 16,484,381. 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's 50 day moving average price is $111.28 and its 200-day moving average price is $109.54. The firm has a market cap of $485.64 billion, a P/E ratio of 16.20, a PEG ratio of 2.07 and a beta of 0.51. Exxon Mobil has a twelve month low of $97.80 and a twelve month high of $124.26.

Exxon Mobil (NYSE:XOM - Get Free Report) last released 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 firm had revenue of $81.51 billion during the quarter, compared to the consensus estimate of $79.07 billion. Exxon Mobil had a return on equity of 11.34% and a net margin of 9.17%.The firm's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.14 earnings per share. Equities research analysts anticipate that Exxon Mobil will post 7.43 EPS for the current year.

Insider Activity

In other news, VP Darrin L. Talley sold 2,158 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $110.45, for a total value of $238,351.10. Following the completion of the sale, the vice president owned 13,829 shares in the company, valued at $1,527,413.05. This represents a 13.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.03% of the stock is owned by insiders.

Institutional Trading of Exxon Mobil

A number of hedge funds have recently modified their holdings of XOM. Norges Bank purchased a new stake in shares of Exxon Mobil in the second quarter valued at $6,163,719,000. Nuveen LLC purchased a new stake in shares of Exxon Mobil in the first quarter valued at $2,730,414,000. GQG Partners LLC increased its stake in shares of Exxon Mobil by 15,135.7% in the first quarter. GQG Partners LLC now owns 10,071,077 shares of the oil and gas company's stock worth $1,197,753,000 after acquiring an additional 10,004,975 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in shares of Exxon Mobil in the second quarter worth $607,621,000. Finally, First Trust Advisors LP increased its stake in shares of Exxon Mobil by 150.2% in the second quarter. First Trust Advisors LP now owns 7,602,601 shares of the oil and gas company's stock worth $819,560,000 after acquiring an additional 4,563,707 shares during the last quarter. Hedge funds and other institutional investors own 61.80% 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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