Hillsdale Investment Management Inc. has significantly increased its stake in Exxon Mobil Corporation (NYSE: XOM), raising its holdings by an impressive 161.8% during the third quarter of 2023. According to Holdings Channel, the institutional investor now owns 40,600 shares of the oil and gas giant, following the acquisition of an additional 25,090 shares in this period. The total value of Hillsdale’s holdings in Exxon Mobil is approximately $4,578,000 as of the end of the quarter.
Several other institutional investors have also recently made moves regarding Exxon Mobil’s stock. For instance, Westfuller Advisors LLC purchased a new stake valued at about $30,000 during the third quarter. Similarly, Bare Financial Services Inc. boosted its holdings by 121.8% in the second quarter, resulting in ownership of 366 shares worth $39,000. Other notable investors include Clayton Financial Group LLC and TruNorth Capital Management LLC, which acquired stakes valued around $40,000 and increased their holdings by 1,595.2%, respectively. Currently, hedge funds and institutional investors collectively own 61.80% of Exxon Mobil’s stock.
Analyst Ratings and Stock Performance
Recent reports from research analysts reflect a generally positive outlook on Exxon Mobil. UBS Group has reiterated a “buy” rating with a target price of $171.00. Mizuho has set a price objective of $140.00, while Citigroup raised its target from $115.00 to $118.00, maintaining a “neutral” rating. The consensus among analysts currently stands at an average price target of $140.59, with nine analysts recommending a buy, eight suggesting a hold, and one advising a sell.
As of the latest trading session, Exxon Mobil’s shares opened at $147.12. The stock has demonstrated notable volatility, with a 52-week low of $97.80 and a high of $156.93. The company reported earnings of $1.71 per share for the last quarter, surpassing analysts’ expectations of $1.63. Revenue for the quarter reached $80.04 billion, slightly above the expected $77.98 billion.
Insider Activity and Future Dividends
Recent insider trading activity includes a notable sale by Vice President Darrin L. Talley, who sold 5,000 shares at an average price of $139.75, totaling approximately $698,750.00. Following this transaction, Talley holds 23,584 shares valued at around $3,295,864. Over the past 90 days, insiders have sold a total of 14,230 shares worth $1,888,421, with insiders now owning 0.03% of the company’s stock.
Exxon Mobil has also announced a quarterly dividend of $1.03, scheduled for payment on March 10, 2024, to shareholders of record by February 12, 2024. This represents an annualized dividend of $4.12, yielding approximately 2.8%. The company’s current dividend payout ratio stands at 61.58%.
Exxon Mobil Corporation, a leading integrated oil and gas company, operates across the entire energy value chain, from exploration and production to refining and marketing of petroleum products. The firm is also known for its extensive range of petrochemical products and operates under well-established brands such as Exxon, Mobil, and Esso.
