Analysts Set Exxon Mobil Target Price at $128.50 Amid Mixed Ratings

Exxon Mobil Corporation (NYSE:XOM) has received an average recommendation of “Moderate Buy” from analysts following the stock, with a target price set at $128.50. This consensus comes from twenty analysts, as reported by MarketBeat. The breakdown includes ten recommendations for a hold, eight for a buy, and two for a strong buy, highlighting a varied outlook on the company’s future.

Recent reports have influenced this analysis, with Melius Research initiating coverage on August 20, 2023, and assigning a hold rating with a price target of $111.00. Barclays adjusted its price target from $127.00 to $126.00, maintaining an “overweight” rating. Meanwhile, Morgan Stanley increased its target from $134.00 to $135.00, also rating the stock as overweight.

Institutional Investment Activity

Institutional investors continue to play a significant role in Exxon Mobil’s stock dynamics. Vanguard Group Inc. expanded its holdings by 0.3% in the second quarter, now owning approximately 431 million shares valued at around $46.47 billion. Geode Capital Management LLC increased its position by 0.4%, bringing its total to approximately 96.31 million shares worth $10.35 billion.

Other noteworthy transactions include Norges Bank’s recent acquisition of a stake valued at approximately $6.16 billion, and Bank of New York Mellon Corp., which grew its holdings by 2.8%, now owning about 46.60 million shares valued at $5.02 billion. Overall, institutional investors hold approximately 61.80% of Exxon Mobil’s stock.

Current Stock Performance

Exxon Mobil’s stock opened at $114.47 on October 10, 2023. The company maintains a market capitalization of $487.99 billion, with a PE ratio of 16.26. Over the past year, the stock has fluctuated between a low of $97.80 and a high of $123.21. Analysts estimate that Exxon Mobil will post earnings per share (EPS) of $7.43 for the current fiscal year.

In its latest quarterly results released on June 17, 2023, Exxon Mobil reported $0.65 EPS and $57.55 billion in revenue, reflecting a net margin of 9.17% and a return on equity of 11.34%.

Recent developments also include an increase in the company’s quarterly dividend, which is set to be paid on December 10, 2023. Shareholders on record as of November 14, 2023, will receive a dividend of $1.03 per share, up from the previous $0.99. This raises the annualized dividend to $4.12, yielding approximately 3.6%.

Exxon Mobil Corporation is actively engaged 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, underscoring its diverse business model in the energy sector.