ExxonMobil (NYSE:XOM) Trading Up 2.5% – Here’s What Happened

ExxonMobil Corporation (NYSE:XOM)’s share price shot up 2.5% during mid-day trading on Tuesday . The stock traded as high as $169.64 and last traded at $169.2780. 12,302,318 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 18,617,670 shares. The stock had previously closed at $165.08.

ExxonMobil News Roundup

Here are the key news stories impacting ExxonMobil this week:

• Positive Sentiment: ExxonMobil’s wholly owned Pioneer Natural Resources subsidiary received approximately $1.19 billion in tenders for Pioneer’s 2030 and 2031 senior notes—$570.36 million and $615.60 million, respectively. The cash offers support integration of Pioneer’s debt and simplify the combined company’s capital structure, although they also require a sizable cash outlay. ExxonMobil announces pricing terms, expiration and results of cash tender offers
• Positive Sentiment: An ExxonMobil executive said U.S. LNG production could represent roughly 30% of global LNG supply by 2030, reinforcing the company’s long-term growth outlook in natural gas and LNG. Management also characterized LNG fundamentals as healthy despite current disruptions to flows. ExxonMobil executive sees U.S. accounting for 30% of global LNG market by 2030
• Positive Sentiment: Engineering firm Wood secured a five-year, $200 million contract supporting ExxonMobil’s PNG LNG project, indicating continued investment in brownfield infrastructure and future production capacity. Wood secures $200 million contract from ExxonMobil for PNG LNG project
• Neutral Sentiment: U.S. refiners are benefiting from unusually strong fuel margins, which may help ExxonMobil’s downstream business. However, the company’s exposure to refining is less concentrated than that of pure-play refiners such as Valero and Marathon Petroleum.
• Negative Sentiment: A power outage shut or disrupted ExxonMobil’s 264,000-barrel-per-day Joliet, Illinois, refinery. The outage could reduce near-term throughput and earnings, though tighter fuel supplies may partly support refining margins. ExxonMobil’s Joliet refinery reports upset due to power outage
• Negative Sentiment: ExxonMobil reported more than 54,000 pounds of unauthorized air pollution from its Baytown refinery, creating potential regulatory, remediation and reputational costs. ExxonMobil releases unauthorized air pollution at Baytown refinery

Analyst Ratings Changes

XOM has been the topic of several analyst reports. Wall Street Zen upgraded ExxonMobil to a “hold” rating in a research note on Saturday, September 5th. Piper Sandler raised their target price on shares of ExxonMobil from $158.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, September 3rd. DZ Bank downgraded ExxonMobil from a “buy” rating to a “hold” rating and set a $156.00 price objective for the company. in a report on Tuesday, August 4th. HSBC set a $158.00 price target on shares of ExxonMobil in a research report on Monday, August 3rd. Finally, Morgan Stanley lifted their price objective on ExxonMobil from $168.00 to $177.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Ten investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, ExxonMobil presently has a consensus rating of “Hold” and an average price target of $167.45.

ExxonMobil Stock Up 2.5%

The firm has a market cap of $701.65 billion, a P/E ratio of 21.79, a P/E/G ratio of 1.02 and a beta of 0.18. The firm’s fifty day moving average is $156.21 and its 200 day moving average is $152.89. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.85 and a current ratio of 1.13.

ExxonMobil (NYSE:XOM) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $3.52 earnings per share for the quarter, missing the consensus estimate of $3.56 by ($0.04). ExxonMobil had a net margin of 8.88% and a return on equity of 13.14%. The company had revenue of $114.53 billion during the quarter, compared to the consensus estimate of $109.94 billion. During the same period in the prior year, the company earned $1.64 earnings per share. As a group, equities research analysts anticipate that ExxonMobil Corporation will post 11.93 earnings per share for the current fiscal year.

ExxonMobil Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Monday, August 17th were paid a $1.03 dividend. The ex-dividend date was Monday, August 17th. This represents a $4.12 annualized dividend and a yield of 2.4%. ExxonMobil’s payout ratio is 53.02%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in ExxonMobil during the fourth quarter worth about $7,625,063,000. Bank of New York Mellon Corp boosted its position in shares of ExxonMobil by 1.2% during the 4th quarter. Bank of New York Mellon Corp now owns 46,605,353 shares of the oil and gas company’s stock worth $5,608,488,000 after acquiring an additional 531,362 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of ExxonMobil by 5.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 28,364,314 shares of the oil and gas company’s stock worth $4,812,790,000 after acquiring an additional 1,540,902 shares in the last quarter. Amundi increased its stake in ExxonMobil by 5.1% in the first quarter. Amundi now owns 24,511,156 shares of the oil and gas company’s stock valued at $4,158,563,000 after acquiring an additional 1,192,386 shares during the last quarter. Finally, Fisher Asset Management LLC increased its stake in ExxonMobil by 1.0% in the fourth quarter. Fisher Asset Management LLC now owns 31,497,852 shares of the oil and gas company’s stock valued at $3,790,452,000 after acquiring an additional 303,359 shares during the last quarter. Institutional investors own 61.80% of the company’s stock.

About ExxonMobil

Exxon Mobil Corporation, doing business as ExxonMobil, is an integrated energy company engaged in the exploration, development, production and marketing of crude oil and natural gas. Its upstream operations support oil and natural gas production in multiple regions worldwide, while its downstream businesses refine crude oil into fuels and other petroleum products for commercial, industrial and consumer markets.

Through its product solutions businesses, ExxonMobil manufactures and markets lubricants, specialty fluids, petroleum-derived products and chemical products, including commodity and performance chemicals used in packaging, automotive components, construction materials and other industrial applications.