Patten & Patten Inc. TN Increases Stock Position in Exxon Mobil Co. (NYSE:XOM)

Patten & Patten Inc. TN raised its stake in Exxon Mobil Co. (NYSE:XOM) by 4.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,326 shares of the oil and gas company’s stock after acquiring an additional 5,267 shares during the period. Exxon Mobil accounts for approximately 1.0% of Patten & Patten Inc. TN’s portfolio, making the stock its 26th largest position. Patten & Patten Inc. TN’s holdings in Exxon Mobil were worth $15,746,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in XOM. Price T Rowe Associates Inc. MD increased its position in Exxon Mobil by 6.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 45,161,783 shares of the oil and gas company’s stock worth $5,249,607,000 after buying an additional 2,676,652 shares during the period. Bank of New York Mellon Corp grew its position in shares of Exxon Mobil by 11.3% during the second quarter. Bank of New York Mellon Corp now owns 40,312,338 shares of the oil and gas company’s stock worth $4,640,756,000 after acquiring an additional 4,080,716 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Exxon Mobil by 16.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 36,794,077 shares of the oil and gas company’s stock valued at $4,235,972,000 after acquiring an additional 5,330,887 shares during the period. Legal & General Group Plc raised its position in Exxon Mobil by 19.3% in the 2nd quarter. Legal & General Group Plc now owns 32,308,002 shares of the oil and gas company’s stock valued at $3,719,296,000 after purchasing an additional 5,235,607 shares during the last quarter. Finally, Capital International Investors boosted its stake in Exxon Mobil by 25.1% during the 1st quarter. Capital International Investors now owns 27,511,952 shares of the oil and gas company’s stock worth $3,197,989,000 after purchasing an additional 5,523,429 shares during the period. Institutional investors and hedge funds own 61.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Redburn Atlantic reaffirmed a “neutral” rating and issued a $120.00 target price (up from $119.00) on shares of Exxon Mobil in a report on Tuesday, September 24th. Wolfe Research upped their price objective on Exxon Mobil from $137.00 to $138.00 in a research note on Thursday, October 31st. Truist Financial lowered their target price on Exxon Mobil from $121.00 to $117.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Morgan Stanley cut their price target on Exxon Mobil from $142.00 to $140.00 in a research note on Thursday, October 31st. Finally, Bank of America initiated coverage on shares of Exxon Mobil in a research report on Thursday, October 17th. They issued a “neutral” rating and a $124.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Exxon Mobil presently has an average rating of “Moderate Buy” and a consensus target price of $129.95.

Exxon Mobil Stock Down 0.5 %

XOM opened at $120.47 on Tuesday. Exxon Mobil Co. has a one year low of $95.77 and a one year high of $126.34. The company has a market cap of $529.48 billion, a price-to-earnings ratio of 15.00, a PEG ratio of 5.08 and a beta of 0.90. The business’s fifty day moving average is $117.91 and its two-hundred day moving average is $116.33. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.35.

Exxon Mobil (NYSE:XOM) last posted its earnings results on Friday, November 1st. The oil and gas company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.01. Exxon Mobil had a net margin of 9.61% and a return on equity of 14.73%. The firm had revenue of $90.02 billion during the quarter, compared to the consensus estimate of $93.98 billion. During the same period last year, the firm posted $2.27 EPS. The firm’s revenue for the quarter was down .8% on a year-over-year basis. Analysts anticipate that Exxon Mobil Co. will post 7.95 EPS for the current fiscal year.

Exxon Mobil Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 14th will be paid a $0.99 dividend. The ex-dividend date is Thursday, November 14th. This represents a $3.96 dividend on an annualized basis and a yield of 3.29%. This is a positive change from Exxon Mobil’s previous quarterly dividend of $0.95. Exxon Mobil’s dividend payout ratio is presently 47.32%.

About Exxon Mobil

Exxon Mobil Corporation engages in the exploration and production of crude oil and natural gas in the United States and internationally. It operates through Upstream, Energy Products, Chemical Products, and Specialty Products segments. The Upstream segment explores for and produces crude oil and natural gas.