OMERS Administration Corp has decreased its investment in Exxon Mobil Corporation (NYSE:XOM) by 0.6% during the second quarter of 2023. According to its recent Form 13F filing with the Securities and Exchange Commission (SEC), the institutional investor now holds 1,120,824 shares of the major oil and gas company after selling 6,200 shares in this reporting period. The value of OMERS Administration Corp’s holdings in Exxon Mobil has been reported at approximately $120.8 million.
Other institutional investors have also been active in the Exxon Mobil market. Vanguard Group Inc. expanded its position in Exxon Mobil by 0.3% during the same quarter, now owning 431,058,875 shares worth around $46.5 billion, following the acquisition of an additional 1,111,231 shares. Similarly, Geode Capital Management LLC increased its stake by 0.4%, holding 96,307,931 shares valued at $10.3 billion after purchasing an extra 342,967 shares.
Notably, Norges Bank has entered the fray with a new position worth approximately $6.2 billion in Exxon Mobil shares. Bank of New York Mellon Corp also raised its stake by 2.8%, now owning 46,598,313 shares valued at about $5.0 billion. Charles Schwab Investment Management Inc. increased its holdings by 3.5%, with a total of 33,500,304 shares worth $3.6 billion. Currently, institutional investors hold approximately 61.8% of Exxon Mobil’s stock.
Exxon Mobil’s Stock Performance and Dividend Update
As of the latest trading session, shares of Exxon Mobil opened at $115.87. The company’s fifty-day simple moving average stands at $114.84, while the two-hundred-day simple moving average is $111.38. Over the past year, Exxon Mobil recorded a low of $97.80 and a high of $120.81. The company’s market capitalization is currently $488.64 billion, with a price-to-earnings (P/E) ratio of 16.46 and a price-to-earnings-growth (PEG) ratio of 2.06.
In a positive development for shareholders, Exxon Mobil has announced a quarterly dividend of $1.03, which is set to be paid on December 10, 2023. Stockholders of record as of November 14 will receive this dividend. This marks an increase from the previous quarterly dividend of $0.99, bringing the annualized dividend to $4.12 and a yield of 3.6%. Exxon Mobil’s dividend payout ratio is reported at 59.88%.
Analysts’ Ratings and Market Outlook
Recent commentary from analysts indicates a mixed outlook for Exxon Mobil. On September 13, Wall Street Zen upgraded the stock from a “sell” rating to a “hold” rating. Melius initiated coverage with a “hold” rating, setting a target price of $111.00. Scotiabank reaffirmed an “outperform” rating on November 3, while Weiss Ratings maintained a “hold (C+)” rating.
Wells Fargo & Company initiated coverage on October 17, issuing an “overweight” rating and a target price of $156.00. Currently, two analysts have rated the stock as a Strong Buy, eight have given it a Buy rating, and ten have assigned a Hold rating. According to MarketBeat data, Exxon Mobil enjoys an average rating of “Moderate Buy” with an average target price of $128.67.
Exxon Mobil Corporation engages in the exploration and production of crude oil and natural gas both in the United States and internationally. The company operates through various segments, including Upstream, Energy Products, Chemical Products, and Specialty Products, focusing primarily on the exploration and production of crude oil and natural gas.
For those interested in the latest developments regarding Exxon Mobil and its institutional holdings, further insights can be accessed via platforms such as HoldingsChannel.com.
