United Asset Strategies Inc. has reduced its stake in Exxon Mobil Corporation (NYSE: XOM) by 12.4% during the second quarter of 2023, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). The firm now holds 53,670 shares of the oil and gas giant, following the sale of 7,607 shares during this period. As of the end of the quarter, these holdings were valued at approximately $5,786,000.
The move by United Asset Strategies Inc. is part of a broader trend, as several other hedge funds have also adjusted their positions in Exxon Mobil. Notably, Graybill Wealth Management LTD. acquired a new stake in the company valued at $29,000 during the first quarter. Similarly, Elequin Capital LP established a position worth $31,000, while Clal Insurance Enterprises Holdings Ltd. increased its holdings by an impressive 396.7%, bringing its total to 298 shares valued at $35,000. Additionally, Game Plan Financial Advisors LLC raised its stake by 1,500.0%, owning 320 shares now worth $38,000, and 1248 Management LLC bought into the company with a position valued at around $40,000. Collectively, hedge funds and institutional investors now control 61.80% of Exxon Mobil’s stock.
Analysts and Insider Activity
Recent activity among analysts has shown a generally positive outlook for Exxon Mobil. Piper Sandler raised its price target from $141.00 to $144.00 and maintained an “overweight” rating. Morgan Stanley also adjusted its price objective from $134.00 to $135.00, reiterating the same rating. Other analysts have similarly weighed in, with the consensus rating now categorized as “Moderate Buy” and an average price target of $128.67.
On the insider front, Vice President Darrin L. Talley sold 2,158 shares on August 22, 2023, at an average price of $110.45, resulting in a transaction value of approximately $238,351.10. Following this sale, Talley holds 13,829 shares valued at roughly $1,527,413.05, reflecting a 13.50% decrease in his position. Insider ownership remains relatively low, accounting for only 0.03% of the company’s stock.
Recent Performance and Dividend Increase
Exxon Mobil shares opened at $119.70 on Wednesday. The stock’s 50-day and 200-day simple moving averages are $113.63 and $110.45, respectively. The company boasts a market capitalization of $504.78 billion, a price-to-earnings ratio of 17.00, and a debt-to-equity ratio of 0.12. Over the past year, shares have fluctuated between a low of $97.80 and a high of $123.21.
Exxon Mobil recently reported its earnings results on June 17, 2023, revealing earnings per share (EPS) of $0.65 for the quarter, alongside revenue of $57.55 billion. The company achieved a net margin of 9.17% and a return on equity of 11.34%. Analysts project that Exxon Mobil will post an EPS of $7.43 for the current fiscal year.
In a notable development, Exxon Mobil announced an increase in its quarterly dividend, set to be paid on December 10, 2023. Shareholders of record on November 14, 2023 will receive a dividend of $1.03 per share, up from the previous $0.99. This translates to an annualized dividend of $4.12 and a yield of 3.4%. The company’s dividend payout ratio stands at 59.88%.
Exxon Mobil Corporation remains a key player in the global oil and gas industry, engaging in exploration and production both domestically and internationally through its various operational segments, including Upstream, Energy Products, Chemical Products, and Specialty Products.
