ANB Bank has reduced its stake in Exxon Mobil Corporation (NYSE: XOM) by 6.2% during the second quarter of 2024. According to a recent filing with the Securities and Exchange Commission (SEC), the bank sold 1,488 shares, leaving it with a total of 22,519 shares. This reduction means Exxon Mobil now accounts for approximately 1.1% of ANB Bank’s holdings, making it the bank’s 27th largest investment, valued at around $2,428,000.
The move reflects broader trends among major institutional investors regarding Exxon Mobil. In the first quarter, several significant investors made notable adjustments to their positions. For instance, Elequin Capital LP entered the market with a new investment valued at about $31,000. Similarly, Clal Insurance Enterprises Holdings Ltd significantly increased its holdings in Exxon Mobil by 396.7%, acquiring an additional 238 shares to total 298 shares, valued at $35,000. Game Plan Financial Advisors LLC also saw a substantial increase of 1,500.0% in its stake, bringing their total to 320 shares worth $38,000. Other notable transactions include Marshall & Sullivan Inc. WA and 1248 Management LLC, each purchasing new positions valued at approximately $38,000 and $40,000, respectively.
Market Performance and Financial Metrics
As of Friday, November 10, 2024, Exxon Mobil shares traded at $119.21, reflecting a market capitalization of $502.73 billion. The company maintains a price-to-earnings (P/E) ratio of 16.93 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. The 50-day simple moving average stands at $114.07, while the 200-day average is $110.65. Exxon Mobil’s financial health is further indicated by a low debt-to-equity ratio of 0.12 and a current ratio of 1.25.
In an encouraging sign for investors, Exxon Mobil has declared an increase in its quarterly dividend. Shareholders will receive $1.03 per share, a rise from the previous dividend of $0.99. This new dividend will be payable on December 10, 2024, to shareholders of record as of November 14, 2024. The annualized dividend now stands at $4.12, yielding approximately 3.5%. The company’s dividend payout ratio currently sits at 59.88%.
Insider Activity and Analyst Ratings
In other developments, Exxon Mobil Vice President Darrin L. Talley sold 2,158 shares on August 22, 2024, at an average price of $110.45, totalling approximately $238,351.10. Post-sale, Talley holds 13,829 shares valued at about $1,527,413.05, reflecting a 13.50% decrease in his position. Insider ownership is modest, accounting for just 0.03% of the company’s stock.
Analysts have recently revised their ratings on Exxon Mobil. Piper Sandler raised its price target from $141.00 to $144.00, maintaining an “overweight” rating. Similarly, UBS Group increased its target from $143.00 to $145.00 with a “buy” rating. Melius initiated coverage with a “hold” rating and set a target of $111.00. Scotiabank continues to endorse an “outperform” rating, while Barclays adjusted their price target down slightly, from $127.00 to $126.00, still retaining an “overweight” rating.
Overall, the consensus among analysts indicates a “Moderate Buy” rating for Exxon Mobil, with an average price target of $128.67. As investment patterns shift and the company continues to demonstrate financial resilience, Exxon Mobil remains a focal point for both institutional and retail investors alike.
