ExxonMobil (NYSE:XOM) Stock Price Down 1.5% – Here’s Why

ExxonMobil Corporation (NYSE:XOM)’s stock price fell 1.5% on Wednesday . The company traded as low as $157.76 and last traded at $158.18. Approximately 14,111,263 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 19,015,027 shares. The stock had previously closed at $160.64.

More ExxonMobil News

Here are the key news stories impacting ExxonMobil this week:

• Positive Sentiment: ExxonMobil is reportedly among the potential bidders for Shell’s U.S. chemicals assets, a transaction that could be worth up to $8 billion. The deal could expand ExxonMobil’s chemicals operations, although it would also require disciplined valuation and capital allocation. Potential Bidders Are Looking at Shell’s Chemical Assets
• Positive Sentiment: ExxonMobil’s low debt burden and solid balance sheet give it flexibility to maintain operations, pursue acquisitions and return capital to shareholders during periods of weaker oil and gas prices. Why ExxonMobil’s Financial Strength Matters for Investors
• Positive Sentiment: Permian Basin production reached a record, and planned expansion supports continued upstream volume growth. Analysts also view ExxonMobil as well positioned among major oil stocks, with Morgan Stanley suggesting the shares could eventually challenge their record high. Can ExxonMobil’s Permian Growth Keep Driving Upstream Momentum?
• Positive Sentiment: ExxonMobil’s 43-year record of annual dividend increases continues to support its appeal to income-focused investors, despite the more moderate pace of recent increases. ExxonMobil Has Raised Its Dividend 43 Years in a Row
• Neutral Sentiment: ExxonMobil is scheduled to speak at Barclays’ 40th Annual Energy-Power Conference, giving investors a potential update on strategy, production and capital returns. ExxonMobil to Speak at Barclays Conference
• Negative Sentiment: Oil prices have fallen for several sessions as markets treat Iran-related sanctions as negotiating pressure rather than an immediate threat to supply. The fading “Iran premium” is pressuring energy shares, including XOM. Exxon Slips Below $159 as Hormuz Hope Hits Crude Again
• Negative Sentiment: July PCE inflation exceeded economists’ expectations, potentially keeping interest rates higher for longer and weighing on broader equity valuations. These Three Stocks Are Must-Owns After the PCE Data

Analysts Set New Price Targets

Several analysts have issued reports on the company. Piper Sandler assumed coverage on ExxonMobil in a report on Thursday, July 23rd. They set a “neutral” rating and a $158.00 price objective on the stock. Wells Fargo & Company reiterated an “overweight” rating and issued a $182.00 target price on shares of ExxonMobil in a report on Monday, August 3rd. HSBC set a $158.00 target price on shares of ExxonMobil in a research report on Monday, August 3rd. TD Cowen boosted their price target on shares of ExxonMobil from $155.00 to $168.00 and gave the company a “buy” rating in a report on Friday, August 7th. Finally, Freedom Capital upgraded shares of ExxonMobil from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Ten research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $166.10.

ExxonMobil Stock Down 0.9%

The stock has a market capitalization of $649.51 billion, a price-to-earnings ratio of 20.17, a price-to-earnings-growth ratio of 0.62 and a beta of 0.17. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.12. The firm has a 50-day moving average of $150.15 and a two-hundred day moving average of $151.84.

ExxonMobil (NYSE:XOM) last announced its quarterly earnings data on Friday, July 31st. The oil and gas company reported $3.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.56 by ($0.04). ExxonMobil had a return on equity of 13.14% and a net margin of 8.88%.The business had revenue of $114.53 billion during the quarter, compared to analysts’ expectations of $109.94 billion. During the same period in the prior year, the company posted $1.64 earnings per share. As a group, sell-side analysts anticipate that ExxonMobil Corporation will post 11.86 earnings per share for the current year.

ExxonMobil Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Monday, August 17th will be given a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, August 17th. ExxonMobil’s dividend payout ratio is 53.02%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in XOM. HORAN Wealth LLC increased its stake in shares of ExxonMobil by 0.6% in the second quarter. HORAN Wealth LLC now owns 13,665 shares of the oil and gas company’s stock worth $1,868,000 after acquiring an additional 80 shares during the last quarter. Kirkwood Financial Services purchased a new stake in shares of ExxonMobil during the second quarter worth $240,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in ExxonMobil during the second quarter valued at $164,161,000. California State Teachers Retirement System boosted its position in ExxonMobil by 14,136.6% during the second quarter. California State Teachers Retirement System now owns 696,207,635 shares of the oil and gas company’s stock valued at $95,185,508,000 after purchasing an additional 691,317,352 shares during the last quarter. Finally, Tanager Wealth Management LLP grew its stake in ExxonMobil by 15.0% in the second quarter. Tanager Wealth Management LLP now owns 8,164 shares of the oil and gas company’s stock valued at $1,116,000 after purchasing an additional 1,066 shares in the last quarter. 61.80% of the stock is owned by hedge funds and other institutional investors.

About ExxonMobil

ExxonMobil Corporation (NYSE: XOM) is an integrated oil and gas company engaged in the exploration, production, refining, distribution and marketing of petroleum products and the manufacture and sale of petrochemicals. Its operations span the full energy value chain, including upstream exploration and development of crude oil and natural gas; midstream transportation and storage; and downstream refining, product distribution and retail. The company also produces a broad range of chemical products for industrial and consumer applications.

ExxonMobil markets fuels and lubricants under well-known brands such as Exxon, Mobil and Esso, and its Mobil 1 motor oil is a prominent consumer product.