Glenmede Investment Management LP has reduced its holdings in Exxon Mobil Corporation (NYSE: XOM) by 2.1% during the third quarter, as revealed in its recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The fund currently owns 1,338,613 shares, having sold 29,053 shares during this period. Exxon Mobil now represents 0.7% of Glenmede’s investment portfolio, marking it as the firm’s 28th largest position, with a total value of approximately $150.9 million.
Other institutional investors have also adjusted their positions in Exxon Mobil. Vanguard Group Inc. increased its stake by 0.3% in the second quarter, now holding 431,058,875 shares valued at around $46.47 billion after acquiring an additional 1,111,231 shares. Norges Bank made a significant move, purchasing a new stake in Exxon Mobil worth approximately $6.16 billion. Franklin Resources Inc. raised its holdings by 7.4% in the third quarter, now owning 38,728,643 shares valued at about $4.37 billion. Capital Research Global Investors also increased its stake by 0.4%, bringing its total to 33,620,927 shares worth $3.79 billion. Charles Schwab Investment Management Inc. raised its stake by 3.5% in the second quarter, now owning 33,500,304 shares valued at roughly $3.61 billion. Collectively, institutional investors and hedge funds own 61.80% of Exxon Mobil’s stock.
In related news, Vice President Darrin L. Talley sold 2,150 shares of Exxon Mobil on March 2, 2024, at an average price of $157.82, totaling $339,313. Post-transaction, he retains 18,204 shares, valued at approximately $2.87 million. Over the past 90 days, insiders have sold a total of 16,380 shares worth $2.23 million, indicating that company insiders own only 0.03% of the stock.
Key news impacting Exxon Mobil includes rising oil prices due to geopolitical tensions, particularly the ongoing conflict in Iran. This situation has heightened market expectations for increased revenue and margins for oil majors like Exxon. Analyst sentiment appears positive, with Piper Sandler upgrading Exxon’s price target to $186, a significant bullish signal that may attract additional investment.
Additionally, the U.S. Energy Information Administration (EIA) has projected higher oil prices through 2026, which could enhance earnings from Exxon’s operations in the Permian Basin and Guyana. Exxon has reiterated its multi-year growth targets, aiming for a 13% earnings per share compound annual growth rate (CAGR) through 2030 while expanding its carbon capture initiatives.
Analysts have varied perspectives on Exxon Mobil’s stock. Bank of America raised its price target from $135.00 to $151.00 and assigned a “neutral” rating. Zacks Research upgraded its rating from “strong sell” to “hold.” In contrast, Morgan Stanley lowered its price objective to $134.00 while maintaining an “overweight” rating, and Royal Bank of Canada increased its target to $150.00 with a “sector perform” rating. Currently, nine analysts recommend a Buy rating, eight suggest holding, while one advises selling, resulting in an average rating of “Hold” and a consensus price target of $146.00.
As of March 2, 2024, Exxon Mobil shares opened at $156.29, reflecting a market capitalization of $651.20 billion, a price-to-earnings ratio of 23.36, and a beta of 0.35. The stock has fluctuated between a 12-month low of $97.80 and a high of $159.60.
The company also announced a quarterly dividend of $1.03 per share, paid on March 10, 2024. This translates to an annualized dividend of $4.12 and a yield of 2.6%, with a payout ratio of 61.58%.
Exxon Mobil Corporation is an integrated oil and gas entity involved in exploration, production, refining, and marketing of petroleum products. The company operates across the entire energy value chain, producing a variety of chemical products for both industrial and consumer applications. ExxonMobil markets its fuels and lubricants under well-known brands such as Exxon, Mobil, and Esso, with its Mobil 1 motor oil being a notable consumer product.
