Palisade Asset Management LLC Cuts Stake in Exxon Mobil Corporation (NYSE:XOM)

Palisade Asset Management LLC decreased its position in Exxon Mobil Corporation (NYSE:XOM) by 0.5% during the 1st quarter, Holdings Channel reports. The fund owned 59,604 shares of the oil and gas company’s stock after selling 304 shares during the quarter. Palisade Asset Management LLC’s holdings in Exxon Mobil were worth $7,089,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. 10Elms LLP acquired a new position in Exxon Mobil during the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new stake in shares of Exxon Mobil in the fourth quarter valued at approximately $31,000. Capital A Wealth Management LLC acquired a new position in Exxon Mobil during the fourth quarter worth $32,000. Compass Planning Associates Inc purchased a new position in Exxon Mobil in the fourth quarter worth $47,000. Finally, Synergy Investment Management LLC acquired a new stake in Exxon Mobil in the fourth quarter valued at $47,000. 61.80% of the stock is currently owned by institutional investors and hedge funds.

Exxon Mobil Stock Down 2.9%

Shares of NYSE:XOM opened at $108.45 on Wednesday. The company has a market capitalization of $467.39 billion, a P/E ratio of 14.38, a P/E/G ratio of 2.24 and a beta of 0.49. The stock’s fifty day simple moving average is $106.83 and its 200-day simple moving average is $108.54. Exxon Mobil Corporation has a 52-week low of $97.80 and a 52-week high of $126.34. The company has a quick ratio of 0.90, a current ratio of 1.24 and a debt-to-equity ratio of 0.12.

Exxon Mobil (NYSE:XOM) last released its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.03. The company had revenue of $83.13 billion for the quarter, compared to analysts’ expectations of $86.11 billion. Exxon Mobil had a net margin of 9.49% and a return on equity of 12.06%. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the company earned $2.06 EPS. As a group, equities research analysts forecast that Exxon Mobil Corporation will post 7.43 earnings per share for the current fiscal year.

Exxon Mobil Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Thursday, May 15th were issued a $0.99 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $3.96 annualized dividend and a yield of 3.65%. Exxon Mobil’s dividend payout ratio (DPR) is presently 52.52%.

Analyst Ratings Changes

XOM has been the topic of a number of recent analyst reports. TD Cowen upped their price target on shares of Exxon Mobil from $120.00 to $128.00 and gave the stock a “buy” rating in a research note on Monday. Scotiabank decreased their price objective on shares of Exxon Mobil from $140.00 to $115.00 and set a “sector outperform” rating on the stock in a report on Friday, April 11th. Piper Sandler cut shares of Exxon Mobil from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 28th. Barclays reiterated a “hold” rating on shares of Exxon Mobil in a research report on Thursday, May 22nd. Finally, Mizuho lowered their price target on Exxon Mobil from $129.00 to $124.00 and set a “neutral” rating on the stock in a report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Exxon Mobil presently has a consensus rating of “Moderate Buy” and a consensus target price of $125.50.

About Exxon Mobil

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.