Exxon Mobil (XOM) Rating Lowered to Hold at Zacks Investment Research
Exxon Mobil (NYSE:XOM) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Thursday.
According to Zacks, “ExxonMobil has a leading position in the energy industry owing to the size and diversity of its asset base, both in terms of business mix and geographical footprint. With a stable cash position, the company’s balance sheet is one of the best in the industry, reflecting declining debt load over the first nine months of 2017. We appreciate ExxonMobil’s plans to combine its refining & marketing businesses as this will allow the company to take better decisions and boost performance. ExxonMobil will generate more cashflow from downstream activities, also helping it counter the volatility in its upstream business. However, dependence on costly offshore drilling might dent ExxonMobil’s cashflow. Also, ExxonMobil has lost 7.9% of its value year to date versus the 1.9% growth of smaller rival Chevron.”
A number of other analysts have also commented on the company. Vetr upgraded Exxon Mobil from a “hold” rating to a “buy” rating and set a $79.60 price target on the stock in a report on Tuesday, August 29th. Piper Jaffray Companies set a $76.00 price target on Exxon Mobil and gave the company a “hold” rating in a report on Friday, August 25th. Goldman Sachs Group set a $86.00 price target on Exxon Mobil and gave the company a “neutral” rating in a report on Monday, October 30th. Royal Bank of Canada set a $90.00 price target on Exxon Mobil and gave the company a “hold” rating in a report on Tuesday, August 29th. Finally, lowered Exxon Mobil from a “hold” rating to a “reduce” rating and cut their price target for the company from $83.60 to $77.00 in a report on Tuesday, November 7th. Six investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $86.20.
Exxon Mobil (NYSE:XOM) last issued its quarterly earnings results on Friday, October 27th. The oil and gas company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.04. The company had revenue of $66.17 billion for the quarter, compared to analyst estimates of $63.51 billion. Exxon Mobil had a return on equity of 8.21% and a net margin of 5.14%. During the same period in the previous year, the company posted $0.63 earnings per share. sell-side analysts anticipate that Exxon Mobil will post 3.65 EPS for the current year.
In other Exxon Mobil news, VP Bradley W. Corson sold 19,500 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $83.01, for a total value of $1,618,695.00. Following the sale, the vice president now owns 229,774 shares in the company, valued at $19,073,539.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Robert Stuart Franklin sold 22,656 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $79.76, for a total value of $1,807,042.56. Following the completion of the sale, the vice president now owns 231,572 shares in the company, valued at approximately $18,470,182.72. The disclosure for this sale can be found here. Insiders have sold 62,013 shares of company stock worth $5,084,352 in the last quarter. 0.08% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the business. Doyle Wealth Management raised its stake in Exxon Mobil by 2.7% in the second quarter. Doyle Wealth Management now owns 259,322 shares of the oil and gas company’s stock valued at $20,935,000 after buying an additional 6,921 shares during the period. Shell Asset Management Co. grew its position in shares of Exxon Mobil by 1.6% in the second quarter. Shell Asset Management Co. now owns 808,400 shares of the oil and gas company’s stock valued at $65,262,000 after purchasing an additional 12,362 shares during the last quarter. Holderness Investments Co. grew its position in shares of Exxon Mobil by 48.1% in the first quarter. Holderness Investments Co. now owns 48,307 shares of the oil and gas company’s stock valued at $3,962,000 after purchasing an additional 15,687 shares during the last quarter. Baldwin Brothers Inc. MA grew its position in shares of Exxon Mobil by 14.4% in the second quarter. Baldwin Brothers Inc. MA now owns 104,939 shares of the oil and gas company’s stock valued at $8,472,000 after purchasing an additional 13,206 shares during the last quarter. Finally, Strategic Financial Group LLC grew its position in shares of Exxon Mobil by 21.9% in the first quarter. Strategic Financial Group LLC now owns 9,907 shares of the oil and gas company’s stock valued at $812,000 after purchasing an additional 1,778 shares during the last quarter. Hedge funds and other institutional investors own 51.18% of the company’s stock.
About Exxon Mobil
Exxon Mobil Corporation is engaged in energy business. The Company is engaged in the exploration, production, transportation and sale of crude oil and natural gas, and the manufacture, transportation and sale of petroleum products. The Company also manufactures and markets commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics, and a range of specialty products.
Receive News & Ratings for Exxon Mobil Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Exxon Mobil and related companies with MarketBeat.com's FREE daily email newsletter.