Hillsdale Investment Management Inc. significantly increased its stake in Exxon Mobil Corporation during the third quarter of 2023, raising its holdings by an impressive 161.8%. This investment firm now owns 40,600 shares of the oil and gas giant, having acquired an additional 25,090 shares in the recent quarter. The total value of Hillsdale’s investment in Exxon Mobil stands at approximately $4,578,000.
The trend of institutional investment in Exxon Mobil, listed on the NYSE under the ticker symbol XOM, has been notable. Other investors have also made significant moves in the company during the third quarter. For instance, Westfuller Advisors LLC entered the market with a new stake valued at about $30,000. Meanwhile, Bare Financial Services Inc. increased its holdings by 121.8% in the second quarter, bringing its total to 366 shares worth around $39,000.
TruNorth Capital Management LLC made an extraordinary leap, raising its stake by 1,595.2% to own 356 shares valued at $40,000. Halbert Hargrove Global Advisors LLC also expanded its position by 95.8% during the same period, now holding 370 shares worth approximately $42,000. Collectively, institutional investors own about 61.80% of Exxon Mobil’s stock.
Analyst Ratings and Market Performance
Recent analysis from various research firms has provided a range of insights into Exxon Mobil’s stock performance. On February 2, 2024, UBS Group reiterated a “buy” rating with a target price of $171.00. Mizuho set its price objective at $140.00, while Citigroup raised its target from $115.00 to $118.00, maintaining a “neutral” stance. BMO Capital Markets also reaffirmed a “market perform” rating with a target price of $155.00. Currently, nine analysts rate the stock as a buy, eight as hold, and one as sell, resulting in an average rating of “hold” and a price target of $140.59.
As of February 2, 2024, Exxon Mobil shares opened at $147.12. The stock has been buoyed by a 50-day moving average price of $132.29 and a 200-day moving average price of $120.14. The company also boasts a market capitalization of $613 billion and a price-to-earnings ratio of 21.99. Over the past year, Exxon Mobil’s shares have fluctuated between a low of $97.80 and a high of $156.93.
Recent Insider Activity and Financial Outlook
In recent insider activity, Vice President Darrin L. Talley sold 5,000 shares on February 2, 2024, at an average price of $139.75, amounting to $698,750. Following this transaction, Talley holds 23,584 shares, valued at approximately $3,295,864, reflecting a 17.49% decrease in ownership. Over the last 90 days, insiders have sold a total of 14,230 shares worth $1,888,421, with insiders collectively owning 0.03% of the company.
Exxon Mobil has also announced a quarterly dividend of $1.03 per share, which is set to be paid on March 10, 2024, to shareholders on record as of February 12, 2024. This dividend represents an annualized payout of $4.12 and a yield of 2.8%, with a current payout ratio of 61.58%.
Overall, Exxon Mobil continues to attract significant interest from both institutional investors and analysts, reflecting confidence in its operational strategies and market position within the energy sector.
