Hillsdale Investment Management Inc. significantly increased its holdings in Exxon Mobil Corporation (NYSE: XOM) by an impressive 161.8% during the third quarter of 2023. According to Holdings Channel, the institutional investor now owns 40,600 shares of the oil and gas giant, after acquiring an additional 25,090 shares during this period. At the close of this quarter, Hillsdale’s stake in Exxon Mobil was valued at approximately $4,578,000.
Other institutional investors have also been active in the Exxon Mobil market. Westfuller Advisors LLC entered the scene with a new stake valued at around $30,000 during the third quarter. Similarly, Bare Financial Services Inc. increased its shareholding by 121.8% in the second quarter, now holding 366 shares worth about $39,000. Clayton Financial Group LLC and TruNorth Capital Management LLC also acquired new positions, with the latter growing its stake by an astounding 1,595.2% during the same quarter.
As of now, hedge funds and other institutional investors collectively own 61.80% of Exxon Mobil’s stock.
Analyst Ratings and Stock Performance
Recent reports from research analysts reflect a generally positive outlook for Exxon Mobil. UBS Group reaffirmed a “buy” rating, setting a target price of $171.00 on shares. Mizuho and BMO Capital Markets also provided optimistic price targets of $140.00 and $155.00, respectively. Citigroup adjusted its target price from $115.00 to $118.00, maintaining a “neutral” rating. Currently, nine analysts have given the stock a “buy” rating, while eight have assigned a “hold” rating.
Exxon Mobil’s stock performance has been robust, opening at $147.12 recently. The company has maintained a 50-day moving average price of $132.29 and a 200-day moving average price of $120.14. With a market capitalization of $613.00 billion, the company’s price-to-earnings ratio stands at 21.99.
Recent Insider Activity and Financial Performance
In related news, Vice President Darrin L. Talley sold 5,000 shares of Exxon Mobil on February 2, 2024, at an average price of $139.75, totaling approximately $698,750.00. Following this transaction, Talley retains 23,584 shares, valued at around $3,295,864, marking a 17.49% decrease in his ownership. Over the past 90 days, company insiders have sold a total of 14,230 shares, amounting to $1,888,421.
Exxon Mobil recently announced a quarterly dividend of $1.03, set to be paid on March 10, 2024. Shareholders on record as of February 12, 2024 will receive this dividend, translating to an annualized yield of 2.8%. The company’s dividend payout ratio is currently 61.58%.
Exxon Mobil Corporation, a leader in the energy sector, is involved in the exploration, production, refining, and distribution of petroleum products, as well as the manufacture and sale of petrochemicals. The company operates across the entire energy value chain, from upstream exploration and development to downstream refining and retail.
