Bank of America Cuts Exxon Mobil (NYSE:XOM) Price Target to $118.00

Exxon Mobil (NYSE:XOM) had its price objective decreased by Bank of America from $119.00 to $118.00 in a research report sent to investors on Thursday morning,Benzinga reports. Bank of America currently has a neutral rating on the oil and gas company’s stock.

Several other equities research analysts have also recently weighed in on XOM. Melius Research began coverage on shares of Exxon Mobil in a research report on Wednesday, August 20th. They issued a “hold” rating and a $111.00 price target on the stock. Mizuho dropped their price objective on Exxon Mobil from $124.00 to $123.00 and set a “neutral” rating on the stock in a research note on Monday, September 15th. Jefferies Financial Group increased their price objective on shares of Exxon Mobil from $146.00 to $148.00 and gave the company a “buy” rating in a research note on Wednesday. UBS Group reissued a “buy” rating on shares of Exxon Mobil in a research report on Tuesday. Finally, Wells Fargo & Company raised their price target on shares of Exxon Mobil from $156.00 to $158.00 and gave the stock an “overweight” rating in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and thirteen have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Exxon Mobil has a consensus rating of “Moderate Buy” and a consensus target price of $129.24.

Exxon Mobil Price Performance

NYSE XOM opened at $118.77 on Thursday. The business’s fifty day moving average is $115.60 and its 200 day moving average is $112.22. The company has a market capitalization of $500.88 billion, a PE ratio of 17.26, a price-to-earnings-growth ratio of 1.50 and a beta of 0.38. Exxon Mobil has a fifty-two week low of $97.80 and a fifty-two week high of $120.81. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.79 and a current ratio of 1.14.

Exxon Mobil (NYSE:XOM) last issued its quarterly earnings results on Friday, June 17th. The oil and gas company reported $0.65 earnings per share for the quarter. Exxon Mobil had a net margin of 8.99% and a return on equity of 11.22%. The business had revenue of $57.55 billion for the quarter. Sell-side analysts predict that Exxon Mobil will post 7.43 earnings per share for the current year.

Exxon Mobil Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Friday, November 14th were issued a dividend of $1.03 per share. The ex-dividend date of this dividend was Friday, November 14th. This is a positive change from Exxon Mobil’s previous quarterly dividend of $0.99. This represents a $4.12 annualized dividend and a yield of 3.5%. Exxon Mobil’s payout ratio is 59.88%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in XOM. Vanguard Group Inc. raised its stake in shares of Exxon Mobil by 0.3% during the second quarter. Vanguard Group Inc. now owns 431,058,875 shares of the oil and gas company’s stock worth $46,468,147,000 after purchasing an additional 1,111,231 shares during the last quarter. Geode Capital Management LLC raised its holdings in Exxon Mobil by 0.4% during the second quarter. Geode Capital Management LLC now owns 96,307,931 shares of the oil and gas company’s stock worth $10,345,132,000 after purchasing an additional 342,967 shares during the last quarter. Norges Bank purchased a new stake in shares of Exxon Mobil in the 2nd quarter worth about $6,163,719,000. Bank of New York Mellon Corp increased its stake in shares of Exxon Mobil by 2.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 46,598,313 shares of the oil and gas company’s stock worth $5,023,298,000 after purchasing an additional 1,274,860 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Exxon Mobil by 1.0% in the third quarter. Northern Trust Corp now owns 44,026,019 shares of the oil and gas company’s stock valued at $4,963,934,000 after acquiring an additional 445,283 shares in the last quarter. Hedge funds and other institutional investors own 61.80% of the company’s stock.

Exxon Mobil Company Profile

Exxon Mobil Corporation engages in the exploration and production of crude oil and natural gas in the United States and internationally. It operates through Upstream, Energy Products, Chemical Products, and Specialty Products segments. The Upstream segment explores for and produces crude oil and natural gas.