Exxon Mobil Corporation (NYSE:XOM) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Friday, July 14th.
According to Zacks, “The upstream activities of Exxon are heavily dependent on offshore resources. However, drilling in those areas is getting increasingly expensive which could dent the company’s cashflow. The company could make more profit if it relies on comparatively cheaper onshore operations like domestic shale resources — where most of the explorers have been gathering over the last few years. Also, Exxon has collaborated with Russia for exploring potential commercial reserves in the country. However, tensions between the U.S. and Russia might lead the Republicans to impose sanctions on Russia. Hence, Exxon’s efforts to generate shareholders’ cashflow by exploiting Russian oil and gas reserves might not pay off. Moreover, Exxon’s dividend yield is one of the lowest among major energy firms. In fact, the current dividend yield of 3.8% is lower than the 4.76% yield of the Zacks categorized Oil & Gas-International Integrated industry.”
Other research analysts have also recently issued research reports about the stock. UBS AG set a $77.00 price target on shares of Exxon Mobil Corporation and gave the stock a “sell” rating in a report on Tuesday, April 25th. Argus reaffirmed a “focus list” rating and issued a $104.00 price target (up previously from $91.00) on shares of Exxon Mobil Corporation in a report on Thursday, May 18th. Scotiabank set a $86.00 target price on Exxon Mobil Corporation and gave the company a “buy” rating in a research note on Saturday, June 17th. Simmons increased their target price on Exxon Mobil Corporation from $76.00 to $81.00 and gave the company a “neutral” rating in a research note on Wednesday, April 19th. Finally, Hilliard Lyons began coverage on Exxon Mobil Corporation in a research note on Wednesday, June 7th. They issued a “term buy” rating and a $90.00 target price on the stock. Eight analysts have rated the stock with a sell rating, fifteen have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $84.98.
Exxon Mobil Corporation (NYSE XOM) opened at 78.21 on Friday. The firm has a 50-day moving average price of $80.50 and a 200 day moving average price of $81.75. The company has a market capitalization of $331.38 billion, a P/E ratio of 28.19 and a beta of 0.81. Exxon Mobil Corporation has a 12 month low of $78.20 and a 12 month high of $93.22.
Exxon Mobil Corporation (NYSE:XOM) last posted its earnings results on Friday, July 28th. The oil and gas company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by $0.05. The company had revenue of $62.88 billion for the quarter, compared to analysts’ expectations of $61.35 billion. Exxon Mobil Corporation had a return on equity of 7.62% and a net margin of 4.75%. The company’s revenue was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 EPS. Analysts expect that Exxon Mobil Corporation will post $3.42 EPS for the current year.
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In related news, Director Steven Reinemund sold 1,100 shares of Exxon Mobil Corporation stock in a transaction on Friday, August 4th. The shares were sold at an average price of $80.23, for a total transaction of $88,253.00. Following the transaction, the director now owns 43,125 shares in the company, valued at approximately $3,459,918.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.08% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Thomas J. Herzfeld Advisors Inc. purchased a new position in Exxon Mobil Corporation during the fourth quarter worth $101,000. Horan Securities Inc. purchased a new position in Exxon Mobil Corporation during the first quarter worth $102,000. Riggs Asset Managment Co. Inc. boosted its position in Exxon Mobil Corporation by 27.2% in the second quarter. Riggs Asset Managment Co. Inc. now owns 1,366 shares of the oil and gas company’s stock worth $110,000 after buying an additional 292 shares during the period. Watermark Asset Management Inc. purchased a new position in Exxon Mobil Corporation during the first quarter worth $136,000. Finally, Acrospire Investment Management LLC boosted its stake in shares of Exxon Mobil Corporation by 172.7% in the second quarter. Acrospire Investment Management LLC now owns 1,737 shares of the oil and gas company’s stock valued at $140,000 after buying an additional 1,100 shares during the last quarter. Institutional investors own 50.59% of the company’s stock.
Exxon Mobil Corporation Company Profile
Exxon Mobil Corporation is engaged in energy business. The Company is engaged in the exploration, production, transportation and sale of crude oil and natural gas, and the manufacture, transportation and sale of petroleum products. The Company also manufactures and markets commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics, and a range of specialty products.
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