ExxonMobil (NYSE:XOM) Stock Jumps 1.8% – Here’s Why

Shares of ExxonMobil Corporation (NYSE:XOM) shot up 1.8% during trading on Thursday. The company traded as high as $170.92 and last traded at $169.7750. Approximately 12,203,656 shares traded hands during trading, a decline of 31% from the average daily volume of 17,642,453 shares. The stock had previously closed at $166.71.

ExxonMobil News Summary

Here’s some of the latest news about XOM:

• Positive Sentiment: Oil above $85 per barrel could bolster ExxonMobil’s upstream earnings outlook, with production from its low-cost Permian and Guyana assets providing support. Oil Price is Still High: Boon for ExxonMobil’s Upstream Business?
• Positive Sentiment: Exxon signed a preliminary, non-binding agreement to assess seven oil and gas areas in Venezuela. The move offers potential future resource opportunities, though it does not commit the company to development and carries political and execution uncertainties. Exxon assessing 7 areas in Venezuela for possible energy projects
• Neutral Sentiment: Exxon is challenging the EU’s carbon-capture rules under an investment treaty and seeking to suspend timing requirements. The case could affect compliance costs and project schedules, but its outcome is uncertain. ExxonMobil launched legal challenge to EU carbon capture rules

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on XOM shares. Morgan Stanley upped their price objective on shares of ExxonMobil from $185.00 to $187.00 and gave the stock an “overweight” rating in a report on Monday, November 2nd. Bank of America downgraded shares of ExxonMobil from a “buy” rating to a “neutral” rating and increased their target price for the company from $154.00 to $158.00 in a research report on Tuesday, July 28th. Wells Fargo & Company increased their price target on shares of ExxonMobil from $182.00 to $189.00 and gave the stock an “equal weight” rating in a research note on Monday, November 2nd. JPMorgan Chase & Co. lifted their target price on ExxonMobil from $158.00 to $166.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Finally, Argus raised their price objective on shares of ExxonMobil from $169.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, ExxonMobil currently has a consensus rating of “Hold” and an average target price of $170.54.

ExxonMobil Trading Up 1.8%

The firm has a market cap of $692.55 billion, a PE ratio of 17.45, a PEG ratio of 0.82 and a beta of 0.16. The business has a 50-day moving average price of $169.10 and a two-hundred day moving average price of $155.88. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.19 and a quick ratio of 0.92.

ExxonMobil (NYSE:XOM) last released its quarterly earnings data on Friday, October 30th. The oil and gas company reported $4.23 EPS for the quarter, topping the consensus estimate of $4.12 by $0.11. ExxonMobil had a net margin of 10.24% and a return on equity of 16.63%. The business had revenue of $110.50 billion for the quarter, compared to analyst estimates of $104.89 billion. During the same period in the previous year, the firm earned $1.88 EPS. Analysts forecast that ExxonMobil Corporation will post 13.34 EPS for the current year.

ExxonMobil Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Monday, November 16th will be issued a dividend of $1.07 per share. This is an increase from ExxonMobil’s previous quarterly dividend of $1.03. The ex-dividend date is Monday, November 16th. This represents a $4.28 annualized dividend and a yield of 2.5%. ExxonMobil’s payout ratio is 42.34%.

Institutional Trading of ExxonMobil

Several institutional investors and hedge funds have recently modified their holdings of the business. NBT Bank N.A. acquired a new position in shares of ExxonMobil during the 3rd quarter worth approximately $26,000. Aventus Investment Advisors Inc. acquired a new stake in ExxonMobil during the 2nd quarter valued at $27,000. Atlantic Private Wealth LLC increased its position in ExxonMobil by 776.9% during the first quarter. Atlantic Private Wealth LLC now owns 228 shares of the oil and gas company’s stock worth $39,000 after buying an additional 202 shares in the last quarter. Pioneer Family Office LLC purchased a new position in ExxonMobil during the third quarter worth $42,000. Finally, Financial Connections Group Inc. acquired a new position in shares of ExxonMobil in the first quarter worth $53,000. Hedge funds and other institutional investors own 61.80% of the company’s stock.

ExxonMobil Company Profile

ExxonMobil is an integrated energy and chemical company with operations spanning the oil and natural gas value chain. Its businesses explore for and produce crude oil and natural gas, refine and market fuels, and manufacture chemicals and other specialty products. The company’s products include gasoline, diesel, jet fuel, lubricants, petrochemical feedstocks and materials used in a wide range of consumer and industrial applications. ExxonMobil also pursues lower-emission solutions, including carbon capture and storage, hydrogen and lower-emission fuels.