Washington Trust Bank Sells 5,478 Shares of ExxonMobil Corporation $XOM

Washington Trust Bank cut its holdings in ExxonMobil Corporation (NYSE:XOM) by 8.0% in the second quarter, Holdings Channel reports. The fund owned 63,355 shares of the oil and gas company’s stock after selling 5,478 shares during the quarter. Washington Trust Bank’s holdings in ExxonMobil were worth $8,662,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in XOM. New Mexico Educational Retirement Board increased its position in ExxonMobil by 5.2% during the 2nd quarter. New Mexico Educational Retirement Board now owns 207,853 shares of the oil and gas company’s stock valued at $28,418,000 after purchasing an additional 10,200 shares during the period. Manchester Financial Inc. raised its holdings in shares of ExxonMobil by 2.2% in the 2nd quarter. Manchester Financial Inc. now owns 7,482 shares of the oil and gas company’s stock valued at $1,023,000 after purchasing an additional 160 shares in the last quarter. Mufg Securities Americas Inc. lifted its position in shares of ExxonMobil by 8.0% in the 2nd quarter. Mufg Securities Americas Inc. now owns 124,840 shares of the oil and gas company’s stock worth $17,068,000 after purchasing an additional 9,229 shares during the period. Nissay Asset Management Corp Japan boosted its stake in shares of ExxonMobil by 2.7% during the second quarter. Nissay Asset Management Corp Japan now owns 563,430 shares of the oil and gas company’s stock valued at $77,032,000 after purchasing an additional 14,759 shares in the last quarter. Finally, Navellier & Associates Inc. boosted its stake in shares of ExxonMobil by 3.6% during the second quarter. Navellier & Associates Inc. now owns 95,411 shares of the oil and gas company’s stock valued at $13,045,000 after purchasing an additional 3,337 shares in the last quarter. 61.80% of the stock is currently owned by institutional investors.

ExxonMobil News Summary

Here are the key news stories impacting ExxonMobil this week:

• Positive Sentiment: Higher oil prices have lifted ExxonMobil’s earnings outlook, reinforcing the bullish view that the company can continue benefiting from its integrated upstream, refining and chemicals operations. I’m Not Selling ExxonMobil, Even With Oil Prices Where They Are
• Positive Sentiment: Valuation analysis indicates XOM may be trading below estimates of its discounted-cash-flow value and below levels suggested by market multiples. The company’s Mozambique LNG contracts also add potential long-term growth and cash-flow support. ExxonMobil Stock Could Trade At A Discount Despite Mozambique LNG Contracts
• Positive Sentiment: ExxonMobil’s low debt load and strong balance sheet provide flexibility to withstand weaker commodity prices, pursue acquisitions and maintain shareholder returns, including its dividend. Why ExxonMobil’s Financial Strength Matters for Investors
• Neutral Sentiment: ExxonMobil is reportedly among potential bidders for Shell’s U.S. chemicals assets, a transaction that could expand its chemicals footprint but would also require significant capital and carry integration risk. Potential Bidders Are Looking at Shell’s Chemical Assets
• Neutral Sentiment: ExxonMobil is scheduled to speak at Barclays’ energy conference, giving investors an opportunity to receive updates on strategy, commodity markets and capital allocation. ExxonMobil to Speak at Barclays 40th Annual Energy-Power Conference
• Negative Sentiment: Crude oil has fallen for several sessions as optimism surrounding the Strait of Hormuz eases the geopolitical supply premium, creating pressure on energy shares and raising concerns about near-term commodity-price momentum. 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 economically sensitive energy demand and equity valuations. These Three Stocks Are Must-Owns After the PCE Data

ExxonMobil Stock Up 0.3%

XOM stock opened at $156.88 on Friday. The stock has a market capitalization of $650.26 billion, a PE ratio of 20.19, a price-to-earnings-growth ratio of 0.62 and a beta of 0.17. ExxonMobil Corporation has a 52 week low of $108.35 and a 52 week high of $176.41. 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 $150.53 and a 200 day moving average of $151.87.

ExxonMobil (NYSE:XOM) last issued its quarterly earnings results on Friday, July 31st. The oil and gas company reported $3.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.56 by ($0.04). The company had revenue of $114.53 billion for the quarter, compared to analyst estimates of $109.94 billion. ExxonMobil had a net margin of 8.88% and a return on equity of 13.14%. During the same quarter in the previous year, the company posted $1.64 EPS. Sell-side analysts forecast that ExxonMobil Corporation will post 11.86 earnings per share for the current year.

ExxonMobil Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Sanford C. Bernstein reduced their price objective on shares of ExxonMobil from $195.00 to $182.00 and set an “outperform” rating for the company in a research note on Monday, May 11th. TD Cowen boosted their price objective on shares of ExxonMobil from $155.00 to $168.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Wells Fargo & Company reiterated an “overweight” rating and set a $182.00 price objective on shares of ExxonMobil in a report on Monday, August 3rd. Bank of America cut ExxonMobil from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $154.00 to $158.00 in a research report on Tuesday, July 28th. Finally, Citigroup restated a “neutral” rating on shares of ExxonMobil in a research note on Wednesday, July 8th. Ten investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $166.10.

ExxonMobil Company Profile

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.