Analysts Raise Exxon Mobil Price Target to $128.50 Amid Market Trends

Shares of Exxon Mobil Corporation (NYSE:XOM) have received an average recommendation of “Moderate Buy” from twenty analysts currently covering the stock, according to MarketBeat. The consensus includes ten analysts recommending a hold, eight suggesting a buy, and two advocating for a strong buy. The average price target for the stock over the next year is set at $128.50.

Recent analyst reports have highlighted various perspectives on Exxon Mobil’s performance. On August 20, 2023, Melius Research initiated coverage, assigning a hold rating with a price target of $111.00. Following this, Barclays adjusted its price target from $127.00 to $126.00 while maintaining an “overweight” rating on October 7, 2023. Conversely, Morgan Stanley raised its price objective from $134.00 to $135.00 and affirmed its overweight rating earlier in August.

Institutional investor activity has also been notable. Vanguard Group Inc. increased its holdings in Exxon Mobil by 0.3% during the second quarter, owning 431,058,875 shares valued at $46.47 billion after acquiring an additional 1,111,231 shares. Similarly, Geode Capital Management LLC boosted its position by 0.4%, now holding 96,307,931 shares worth $10.35 billion.

Other significant moves included Norges Bank, which purchased a new stake valued at approximately $6.16 billion, and Bank of New York Mellon Corp, which increased its holdings by 2.8%, now owning 46,598,313 shares worth $5.02 billion. Currently, institutional investors own approximately 61.80% of Exxon Mobil’s stock.

Exxon Mobil’s stock opened at $114.47 on Tuesday, reflecting a 0.7% increase. The company maintains a debt-to-equity ratio of 0.12, with a market capitalization of $487.99 billion. Key financial metrics include a price-to-earnings (PE) ratio of 16.26 and a price-to-earnings-growth (PEG) ratio of 2.06. Over the past year, the stock has fluctuated between a low of $97.80 and a high of $123.21.

On June 17, 2023, Exxon Mobil reported its latest quarterly earnings, revealing earnings per share (EPS) of $0.65 and revenue of $57.55 billion. The company reported a net margin of 9.17% and a return on equity of 11.34%. Analysts project an EPS of $7.43 for the current fiscal year.

In another positive development, Exxon Mobil announced an increase in its quarterly dividend, which will be distributed on December 10, 2023. Shareholders of record on November 14, 2023, will receive a dividend of $1.03 per share, up from the previous $0.99. This adjustment translates to an annualized dividend of $4.12 and a dividend yield of 3.6%, with a payout ratio currently at 59.88%.

Exxon Mobil Corporation is engaged in the exploration and production of crude oil and natural gas, operating globally through its Upstream, Energy Products, Chemical Products, and Specialty Products segments. As the company navigates market fluctuations and investor sentiments, its strategic adjustments and ongoing performance will continue to attract attention from analysts and investors alike.