ReportWire

Tag: Exxon Mobil

  • Massachusetts Financial Services Co. MA Cuts Position in Exxon Mobil Corporation $XOM

    Massachusetts Financial Services Co. MA reduced its position in Exxon Mobil Corporation (NYSE:XOM – Free Report) by 1.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,541,574 shares of the oil and gas company’s stock after selling 206,039 shares during the period. Exxon Mobil makes up approximately 0.7% of Massachusetts Financial Services Co. MA’s holdings, making the stock its 27th largest holding. Massachusetts Financial Services Co. MA’s holdings in Exxon Mobil were worth $2,203,312,000 at the end of the most recent quarter.

    A number of other institutional investors and hedge funds have also recently bought and sold shares of XOM. Clayton Financial Group LLC acquired a new stake in shares of Exxon Mobil in the third quarter worth $40,000. TruNorth Capital Management LLC lifted its holdings in shares of Exxon Mobil by 1,595.2% during the 3rd quarter. TruNorth Capital Management LLC now owns 356 shares of the oil and gas company’s stock valued at $40,000 after acquiring an additional 335 shares in the last quarter. Bare Financial Services Inc boosted its position in Exxon Mobil by 121.8% during the 2nd quarter. Bare Financial Services Inc now owns 366 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 201 shares during the period. Halbert Hargrove Global Advisors LLC increased its holdings in Exxon Mobil by 95.8% in the 3rd quarter. Halbert Hargrove Global Advisors LLC now owns 370 shares of the oil and gas company’s stock valued at $42,000 after purchasing an additional 181 shares in the last quarter. Finally, Investment Research & Advisory Group Inc. purchased a new position in Exxon Mobil in the second quarter valued at about $42,000. Institutional investors and hedge funds own 61.80% of the company’s stock.

    Analyst Upgrades and Downgrades

    A number of brokerages recently weighed in on XOM. Mizuho boosted their price objective on shares of Exxon Mobil from $129.00 to $132.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Piper Sandler lowered their target price on Exxon Mobil from $144.00 to $142.00 and set an “overweight” rating for the company in a report on Thursday, January 8th. Barclays cut their price target on Exxon Mobil from $127.00 to $126.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. Zacks Research lowered Exxon Mobil from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 1st. Finally, Scotiabank reissued an “outperform” rating on shares of Exxon Mobil in a report on Friday. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $130.25.

    Read Our Latest Stock Analysis on Exxon Mobil

    Exxon Mobil Stock Up 0.5%

    Shares of Exxon Mobil stock opened at $129.78 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.14 and a quick ratio of 0.79. Exxon Mobil Corporation has a 1-year low of $97.80 and a 1-year high of $131.72. The business’s fifty day moving average price is $119.60 and its two-hundred day moving average price is $114.72. The company has a market capitalization of $547.30 billion, a P/E ratio of 18.86, a PEG ratio of 8.05 and a beta of 0.37.

    Exxon Mobil (NYSE:XOM – Get Free Report) last issued its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.16. Exxon Mobil had a return on equity of 11.22% and a net margin of 8.99%.The company had revenue of $83.33 billion for the quarter, compared to analyst estimates of $83.09 billion. During the same period last year, the company earned $1.92 earnings per share. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. As a group, research analysts forecast that Exxon Mobil Corporation will post 7.43 EPS for the current year.

    Exxon Mobil Increases Dividend

    The business also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Friday, November 14th were given a dividend of $1.03 per share. This is a positive change from Exxon Mobil’s previous quarterly dividend of $0.99. The ex-dividend date was Friday, November 14th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.2%. Exxon Mobil’s payout ratio is presently 59.88%.

    Insider Activity at Exxon Mobil

    In other news, VP Darrin L. Talley sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $117.19, for a total value of $351,570.00. Following the completion of the sale, the vice president directly owned 28,584 shares of the company’s stock, valued at approximately $3,349,758.96. This represents a 9.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.03% of the company’s stock.

    Trending Headlines about Exxon Mobil

    Here are the key news stories impacting Exxon Mobil this week:

    About Exxon Mobil

    (Free Report)

    Exxon Mobil Corporation (NYSE: XOM) is an integrated oil and gas company engaged in the exploration, production, refining, distribution and marketing of petroleum products and the manufacture and sale of petrochemicals. Its operations span the full energy value chain, including upstream exploration and development of crude oil and natural gas; midstream transportation and storage; and downstream refining, product distribution and retail. The company also produces a broad range of chemical products for industrial and consumer applications.

    ExxonMobil markets fuels and lubricants under well-known brands such as Exxon, Mobil and Esso, and its Mobil 1 motor oil is a prominent consumer product.

    Featured Articles

    Want to see what other hedge funds are holding XOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Exxon Mobil Corporation (NYSE:XOM – Free Report).

    Institutional Ownership by Quarter for Exxon Mobil (NYSE:XOM)



    Receive News & Ratings for Exxon Mobil Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Exxon Mobil and related companies with MarketBeat.com’s FREE daily email newsletter.

    ABMN Staff

    Source link

  • QRG Capital Management Inc. Sells 242,565 Shares of Exxon Mobil Corporation $XOM

    QRG Capital Management Inc. lessened its stake in Exxon Mobil Corporation (NYSE:XOM – Free Report) by 30.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 557,000 shares of the oil and gas company’s stock after selling 242,565 shares during the quarter. Exxon Mobil makes up about 0.8% of QRG Capital Management Inc.’s investment portfolio, making the stock its 18th largest position. QRG Capital Management Inc.’s holdings in Exxon Mobil were worth $62,802,000 as of its most recent filing with the SEC.

    Several other institutional investors also recently bought and sold shares of the stock. Marshall & Sullivan Inc. WA purchased a new position in shares of Exxon Mobil during the second quarter valued at about $38,000. Clayton Financial Group LLC bought a new position in Exxon Mobil during the third quarter valued at approximately $40,000. TruNorth Capital Management LLC boosted its stake in Exxon Mobil by 1,595.2% during the third quarter. TruNorth Capital Management LLC now owns 356 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 335 shares during the last quarter. Bare Financial Services Inc grew its holdings in Exxon Mobil by 121.8% during the 2nd quarter. Bare Financial Services Inc now owns 366 shares of the oil and gas company’s stock valued at $39,000 after buying an additional 201 shares in the last quarter. Finally, Halbert Hargrove Global Advisors LLC increased its stake in Exxon Mobil by 95.8% in the 3rd quarter. Halbert Hargrove Global Advisors LLC now owns 370 shares of the oil and gas company’s stock worth $42,000 after acquiring an additional 181 shares during the last quarter. 61.80% of the stock is owned by hedge funds and other institutional investors.

    Wall Street Analyst Weigh In

    A number of research analysts have recently commented on the company. Piper Sandler lowered their target price on Exxon Mobil from $144.00 to $142.00 and set an “overweight” rating for the company in a research report on Thursday, January 8th. Barclays decreased their price target on shares of Exxon Mobil from $127.00 to $126.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Exxon Mobil in a research note on Monday, December 29th. Citigroup upped their target price on shares of Exxon Mobil from $115.00 to $118.00 and gave the company a “neutral” rating in a research report on Wednesday, December 10th. Finally, Jefferies Financial Group lifted their price target on Exxon Mobil from $146.00 to $148.00 and gave the stock a “buy” rating in a research report on Wednesday, December 10th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $130.25.

    Check Out Our Latest Analysis on XOM

    Insider Buying and Selling

    In other Exxon Mobil news, VP Darrin L. Talley sold 3,000 shares of the stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $117.19, for a total value of $351,570.00. Following the sale, the vice president owned 28,584 shares in the company, valued at $3,349,758.96. This trade represents a 9.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.03% of the stock is owned by company insiders.

    More Exxon Mobil News

    Here are the key news stories impacting Exxon Mobil this week:

    • Positive Sentiment: International oil companies (including Exxon) are lobbying for Venezuelan hydrocarbon law changes that would let producers freely export oil they produce—this could materially unlock stranded Venezuelan barrels and improve long‑term upstream cash flows for companies with exposure. Read More.
    • Positive Sentiment: Exxon awarded a contract to acquire 3D deepwater seismic offshore Trinidad & Tobago, signaling continued investment in high‑value exploration acreage and potential future resource delineation that supports production growth. Read More.
    • Positive Sentiment: Technical analysis commentary notes Exxon reached a new all‑time high and shows impulsive rally characteristics—this can attract momentum traders and reinforce upside near term. Read More.
    • Neutral Sentiment: Analysts note WTI near $60 could pressure upstream earnings, but Exxon’s low leverage and premium asset base should help it weather softer prices—mixed implications for earnings vs. balance‑sheet stability. Read More.
    • Neutral Sentiment: Coverage pieces and investor commentary flag that Exxon is actively assessing Venezuelan assets and upcoming earnings; monitoring not immediate action—keeps optional upside but also uncertainty. Read More.
    • Neutral Sentiment: Broader market pieces listing stocks for midterm‑year positioning may include cyclical energy exposure; this is a portfolio‑level consideration rather than a company‑specific catalyst. Read More.
    • Negative Sentiment: Exxon flagged lower Q4 earnings expectations tied to declining crude prices—this is the most direct near‑term earnings risk and can pressure sentiment until actual results and guidance are reported. Read More.
    • Negative Sentiment: Public friction between political figures and Exxon’s CEO over Venezuela policy adds political/regulatory risk and could create short‑term volatility tied to headlines. Read More.
    • Negative Sentiment: Exxon and Shell halted the planned sale of key U.K. North Sea gas assets after regulatory and commercial hurdles—this removes near‑term divestment proceeds and keeps the assets on the balance sheet, which may weigh on capital allocation expectations. Read More.

    Exxon Mobil Price Performance

    XOM stock opened at $129.78 on Monday. The stock has a market cap of $547.30 billion, a PE ratio of 18.86, a P/E/G ratio of 8.05 and a beta of 0.37. Exxon Mobil Corporation has a 12 month low of $97.80 and a 12 month high of $131.72. The company has a 50-day moving average price of $119.37 and a 200 day moving average price of $114.60. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.12.

    Exxon Mobil (NYSE:XOM – Get Free Report) last posted its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.16. Exxon Mobil had a net margin of 8.99% and a return on equity of 11.22%. The company had revenue of $83.33 billion for the quarter, compared to analyst estimates of $83.09 billion. During the same period in the prior year, the company posted $1.92 EPS. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. Equities research analysts anticipate that Exxon Mobil Corporation will post 7.43 earnings per share for the current year.

    Exxon Mobil Increases Dividend

    The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Friday, November 14th were issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Friday, November 14th. This is an increase from Exxon Mobil’s previous quarterly dividend of $0.99. Exxon Mobil’s dividend payout ratio (DPR) is presently 59.88%.

    Exxon Mobil Company Profile

    (Free Report)

    Exxon Mobil Corporation (NYSE: XOM) is an integrated oil and gas company engaged in the exploration, production, refining, distribution and marketing of petroleum products and the manufacture and sale of petrochemicals. Its operations span the full energy value chain, including upstream exploration and development of crude oil and natural gas; midstream transportation and storage; and downstream refining, product distribution and retail. The company also produces a broad range of chemical products for industrial and consumer applications.

    ExxonMobil markets fuels and lubricants under well-known brands such as Exxon, Mobil and Esso, and its Mobil 1 motor oil is a prominent consumer product.

    Featured Articles

    Want to see what other hedge funds are holding XOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Exxon Mobil Corporation (NYSE:XOM – Free Report).

    Institutional Ownership by Quarter for Exxon Mobil (NYSE:XOM)



    Receive News & Ratings for Exxon Mobil Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Exxon Mobil and related companies with MarketBeat.com’s FREE daily email newsletter.

    ABMN Staff

    Source link

  • Exxon Says It Invented a New Graphite That Could Boost EV Batteries

    ExxonMobil, the country’s largest oil and gas company, says it has developed a more advanced form of graphite that could help extend the lifespan of electric vehicle (EV) batteries.

    CEO Darren Woods called the technology a “revolutionary step change in battery performance” at the University of Texas at Austin’s Energy Symposium on Friday. He said it’s already being tested by several EV manufacturers, Bloomberg reports.

    This new synthetic graphite is used on a battery’s anode, its negative electrode that discharges electrons. It could allow EVs to charge faster and travel farther on a single charge.

    “We’ve invented a new carbon molecule that will extend the life of the battery by 30%,” Woods said at the symposium.

    It seems a bit ironic that Exxon, which has long been criticized for contributing to climate change and faces several state lawsuits for allegedly misleading the public about fossil fuel risks, is now moving into EV tech. But it’s not entirely surprising. The company has a long history of researching and advancing fossil fuel alternatives. For instance, it actually invented the lithium-ion battery in the early 1970s.

    “We don’t do wind and solar, we have no issues with wind and solar, but we don’t have capability in that space,” Woods told symposium attendees. “But we do have capability of transforming molecules, and there are enormous opportunities in that space to use hydrogen and carbon molecules to meet the growing demand.”

    But the company usually only pursues such projects if they make sense for its bottom line. In August, Exxon said it might delay a low-carbon hydrogen and ammonia project due to limited customer interest.

    Conversely, Exxon is betting that EV batteries could be a good long-term investment. U.S. EV sales may have dipped recently, but Exxon expects demand to rise over time.

    “Like in any market, there are fluctuations in the near term,” Dave Andrew, Exxon’s vice president of new market development, told The New York Times. “But we fundamentally see the demand for batteries, electric vehicles, and increasingly large-scale energy storage solutions increasing over the longer term.”

    Most of the material used in batteries today comes from China. Producing graphite for batteries in the U.S. could provide both political and financial advantages for Exxon, especially under Trump-era tariffs.

    This week, Exxon announced it acquired several production and tech assets from Chicago-based Superior Graphite. Exxon aims to scale up manufacturing, with commercial production targeted for 2029.

    “Synthetic graphite can play a critical role in the energy transition. It’s a key component in electric vehicles and battery energy stationary storage solutions,” Exxon said in a press release. “We anticipate the demand for higher performance batteries will continue to grow, therefore also increasing demand for higher performance graphite materials.”

    Bruce Gil

    Source link

  • Exxon Mobil Amex Offer: Spend $25 or More, Get $5 Back

    Exxon Mobil Amex Offer: Spend $25 or More, Get $5 Back

    Exxon Mobil Amex Offer

    Exxon Mobil Amex Offer

    Check your American Express credit cards for a new Amex Offer that can save you $5 on gas. You can find this offer in your Amex consumer and business credit cards. Check out the full details of the offer below.

    Offer Details

    Get a one-time $5 statement credit by using your enrolled eligible Card to make a single purchase of $25 or more using the Exxon Mobil Rewards+™ app by 11/30/2024.

    Offer and availability may vary by cardholder. Just login to your American Express account(s) to see if you are eligible to add this offer to your card(s).

    Important Terms

    • Offer valid for automotive fuel purchases made through the Exxon Mobil Rewards+™ app at participating Exxon and Mobil stations in the US.
    • Qualifying purchases must be made directly through the app.
    • You must first load your Card to the app using a compatible device in order to qualify.
    • Not valid for contactless or swipe transactions made through pump based payment terminals.
    • Excludes purchases made in-store, online, and any other transactions made outside of the app.
    • Not valid for gift cards, convenience stores, carwashes, garage/mechanic services or purchases made with Alexa. 

    About Amex Offers

    Amex Offers are an extra perk on all American Express credit cards, charge cards, and even prepaid cards. You can see these offers in your accounts either as a statement credit or extra Membership Rewards points for spending a certain amount at an eligible merchant. You will need to add the offer to a specific card, and then use that card to get the credit. Here are a few things you should know:

    Guru’s Wrap-up

    If you drive, then this is an easy $5 discount on gas. If you save the offer on multiple cards, then it get seven better.

    Use the social media buttons below to share this article. Your support and engagement is always greatly appreciated.

    DDG

    Source link

  • Houston’s plastic waste, waiting more than a year for “advanced” recycling, piles up at a business failed 3 times by fire marshal

    Houston’s plastic waste, waiting more than a year for “advanced” recycling, piles up at a business failed 3 times by fire marshal

    This story is a partnership between Inside Climate News and CBS News. Watch the CBS Reports documentary, “Advanced Recycling: Does Big Plastic’s Idea Work?” in the video player above.

    HOUSTON, Tex.—When the news crew showed up outside a waste-handling business that’s failed three fire safety inspections and has yet to gain state approval to store plastic, workers quickly closed a gate displaying a “no trespassing” sign.

    Behind the gate, deliveries of hundreds of thousands of pounds of plastic waste from residents’ homes have piled up over the last year and a half next to strewn cardboard and tall stacks of wooden pallets.

    The expanding open-air pile at Wright Waste Management, 20 miles northwest of downtown Houston, awaits what the city of Houston and corporate partners including ExxonMobil call a new frontier in recycling — and critics describe as a sham.

    The Houston Recycling Collaboration was formed as a response to low recycling rates in the city, a global problem. Hardly any of the plastic products meant to be used once and tossed can be recycled mechanically, the shredding, melting and remolding used for collection programs across the country. 

    The Houston effort adds a new option alongside the city’s curbside pickup: Partners say people can bring any plastic waste to dropoff locations — even styrofoam, bubble wrap and bags — and if it can’t be mechanically recycled, it will be superheated and chemically processed into new plastic, fuels or other products.

    Brandy Deason sorting through plastic waste
    Brandy Deason, a climate justice coordinator for Air Alliance Houston concerned about pollution from chemical recycling of plastic waste, prepares a bag of plastic waste packed with an electronic tracker to see if it’s being recycled. 

    Dwaine Scott/CBS News


    Exxon and the petrochemical industry call this “advanced” or “chemical” recycling and heavily promote it as a solution to runaway plastic waste, even as environmental advocates warn that some of these processes pump out highly toxic air pollution, contribute to global warming and shouldn’t qualify as recycling at all.

    But the Houston effort illustrates a different problem: Twenty months into collection, ongoing tracking by environmental groups indicates the household plastic waste people have dropped off still isn’t getting chemically recycled. 

    A massive plastics sorting plant planned by one member of the collaboration, Cyclyx International, isn’t on track to open until the middle of next year. And the plastic mounting at Wright in the meantime could build up even faster because city officials and their partners expanded their collection program in April from one original dropoff center to eight.

    An investigation by Inside Climate News and CBS News that uncovered Wright’s failed fire safety inspections and missing fire permits also unearthed a fracture in the public-private collaboration.

    Plastic waste
    A pile of plastic waste are seen in May at Wright Waste Management in Houston. 

    CBS News


    One of the city’s industry partners, FCC Environmental Services, which operates a large sorting facility for the city’s curbside recycling program, has opted out of the dropoff collection. In a July 2023 letter, the company raised concerns about the safety of storing plastic waste at a facility that lacks required permits. 

    “As a member of the [Houston Recycling Collaboration], FCC does not want its reputation and image involved in such irregular and risky practices,” Inigo Sanz, chief executive officer of FCC at the time, wrote in the letter to partners without mentioning the Wright site by name. FCC also complained about the focus on storing waste for future chemical recycling while missing opportunities to recycle some of the plastic mechanically.

    On one visit earlier this year, a Harris County, Texas, fire inspector found the company lacking fire safety permits and observed “no fire lanes or means of controlling a fire,” documents obtained by Inside Climate News and CBS News found. The site had already failed fire inspections twice before, beginning in 2023.

    CBS News


    “Five acres of paper and plastic piled up with little or no fire suppression: What could go wrong?” said Richard Meier, a private fire investigator in Florida who reviewed the inspection reports and Google Earth images of the business at the request of Inside Climate News and CBS News. “You have piles and piles and piles of all this fuel,” Meier said. The fire risk only grows with intense summer heat, he said.

    Owner Stratton Wright referred reporters to Cyclyx.

    Wright Waste Management has been on file with the Texas Commission on Environmental Quality as a cardboard recycler since 2016, but on Sept. 26, 2023, Wright submitted a “notice of intent” to operate a municipal solid waste recycling facility. That application to the TCEQ revealed a plan to store as much as 2.2 million pounds of plastic waste and a request for permission to exceed time limits for plastic waste storage.

    “The application has not been approved and is under review,” said TCEQ spokesman Ricky Richter. 

    Plastic waste at Houston recycling site
    Plastic waste collected from Houston residents is stored indefinitely at Wright Waste Management, as seen in July. 

    CBS News


    In an interview, Ryan Tebbetts, a Cyclyx vice president, declined to discuss the Wright site’s failing fire marshal inspections or its still-pending application with the TCEQ, referring questions back to Wright Waste Management.

    “Wright Waste Management doesn’t represent us, and they are currently a temporary solution before we can get [our] facility operational,” Tebbetts said.

    FCC declined requests to be interviewed for this story.

    The Houston Recycling Collaboration is part of the petrochemical industry’s push for chemical recycling of plastic waste amid growing awareness of the environmental and health risks associated with plastic.

    More than 170 nations are trying to draft a global plastics treaty by the end of this year aimed at addressing what the United Nations has called a crisis. In the U.S., lawsuits over plastic pollution are multiplying. So are the calls to reduce production. And California Attorney General Rob Bonta is investigating Exxon and the oil and gas industry’s role in alleged deceptive public messaging about plastic pollution and recycling.

    ExxonMobil Baytown petrochemical complex near Houston
    Aerial view of the ExxonMobil Baytown petrochemical complex near Houston, where the company has added a chemical recycling facility for waste plastic. 

    Carlos Chavez/CBS News


    In a written statement this week, Bonta said his investigation was nearing completion. The fossil fuel industry has perpetuated “a myth that recycling can solve the plastics crisis,” Bonta said. “That deception is ongoing today with the industry’s promotion of ‘advanced recycling.’”

    An Exxon official said he could not comment on any potential litigation.

    But Ray Mastroleo, Exxon’s global market development manager for advanced recycling, said Exxon has “already processed 60 million pounds of plastic waste through our facility. We have ambitions to go even further to 1 billion pounds. And so to say that’s a myth, when we’re actually doing it, I’m not sure I’m aligned with that.”

    Ray Mastroleo
    Ray Mastroleo, ExxonMobil’s global market development manager for advanced recycling, is seen at the company’s chemical recycling facility inside the Baytown petrochemical complex near Houston.

    Dwaine Scott/CBS News


    During a tour of Exxon’s chemical recycling facility at its Baytown plant outside of Houston, Mastroleo said that the company’s technology turns “a significant amount” of plastic waste it processes into fuels.

    In its 2023 draft national strategy to prevent plastic pollution, U.S. Environmental Protection Agency concluded that converting “solid waste to fuels, fuel ingredients, or energy” should not be considered a recycling practice.

    Last fall, a report by two environmental groups, Beyond Plastics, and the International Pollutants Elimination Network, argued that chemical recycling technology has failed by showing how companies have largely been unable to make it work commercially. And the 2023 annual sustainability report for the global oil giant Shell revealed it was backing away from its corporate goal to significantly ramp up the chemical recycling of plastic, citing lack of plastic waste feedstock, slow technology development and regulatory uncertainty.

    Critics argue that chemical recycling is more of an unproven marketing play so plastic production can keep growing rather than a real fix for a global crisis. They cite, for example, harm across the plastics lifecycle from oil and gas drilling to plastic production to plastic waste in rivers and oceans to micro- and nano-plastics in blood vessels.

    “Recycling may be a very, very small portion of the solution, but it is not going to solve this monumental plastic pollution problem that we have,” said Veena Singla, an adjunct assistant professor of environmental health sciences at Columbia University. She called recycling an “end-of-pipe solution that does not require industry to cut down its production or its profits and its plans for expansion.”

    Chris Spinder,

    Ben Tracy and

    Tracy J. Wholf

    contributed to this report.

    Source link

  • Exxon Mobil Co. (NYSE:XOM) Shares Sold by Ninety One UK Ltd

    Exxon Mobil Co. (NYSE:XOM) Shares Sold by Ninety One UK Ltd

    Ninety One UK Ltd lessened its stake in Exxon Mobil Co. (NYSE:XOM – Free Report) by 29.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,790,567 shares of the oil and gas company’s stock after selling 1,176,041 shares during the quarter. Ninety One UK Ltd’s holdings in Exxon Mobil were worth $321,250,000 as of its most recent SEC filing.

    Other hedge funds have also bought and sold shares of the company. Carmel Capital Partners LLC increased its holdings in shares of Exxon Mobil by 1.0% during the 1st quarter. Carmel Capital Partners LLC now owns 8,796 shares of the oil and gas company’s stock worth $1,022,000 after purchasing an additional 86 shares during the period. PFS Partners LLC raised its position in Exxon Mobil by 0.5% in the first quarter. PFS Partners LLC now owns 18,836 shares of the oil and gas company’s stock worth $2,190,000 after purchasing an additional 89 shares in the last quarter. Bay Rivers Group grew its stake in shares of Exxon Mobil by 2.5% in the 1st quarter. Bay Rivers Group now owns 3,747 shares of the oil and gas company’s stock valued at $436,000 after purchasing an additional 90 shares during the period. WPWealth LLP grew its position in Exxon Mobil by 1.0% in the first quarter. WPWealth LLP now owns 8,701 shares of the oil and gas company’s stock valued at $1,011,000 after acquiring an additional 90 shares during the period. Finally, Gilbert & Cook Inc. lifted its holdings in shares of Exxon Mobil by 0.4% during the first quarter. Gilbert & Cook Inc. now owns 25,564 shares of the oil and gas company’s stock valued at $2,972,000 after acquiring an additional 91 shares during the period. Hedge funds and other institutional investors own 61.80% of the company’s stock.

    Wall Street Analyst Weigh In

    Several analysts have recently weighed in on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $145.00 price objective on shares of Exxon Mobil in a report on Wednesday, May 15th. Wells Fargo & Company dropped their target price on shares of Exxon Mobil from $139.00 to $135.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. HSBC lifted their target price on Exxon Mobil from $111.00 to $120.00 and gave the company a “hold” rating in a research note on Tuesday, April 30th. Mizuho lifted their price target on shares of Exxon Mobil from $125.00 to $128.00 and gave the stock a “neutral” rating in a research report on Monday, May 13th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $135.00 price objective on shares of Exxon Mobil in a report on Tuesday, July 9th. Eight research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $134.56.

    Read Our Latest Stock Report on XOM

    Exxon Mobil Stock Up 0.3 %

    Shares of Exxon Mobil stock traded up $0.31 during trading on Wednesday, reaching $114.89. The stock had a trading volume of 616,764 shares, compared to its average volume of 17,077,803. The company has a current ratio of 1.38, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $453.01 billion, a price-to-earnings ratio of 14.04, a P/E/G ratio of 4.51 and a beta of 0.91. Exxon Mobil Co. has a 52 week low of $95.77 and a 52 week high of $123.75. The stock has a fifty day moving average price of $114.85 and a two-hundred day moving average price of $113.67.

    Exxon Mobil (NYSE:XOM – Get Free Report) last released its earnings results on Friday, August 2nd. The oil and gas company reported $2.14 EPS for the quarter, beating the consensus estimate of $2.04 by $0.10. The firm had revenue of $93.06 billion for the quarter, compared to analysts’ expectations of $90.09 billion. Exxon Mobil had a return on equity of 16.75% and a net margin of 9.62%. The business’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.94 EPS. Sell-side analysts predict that Exxon Mobil Co. will post 8.65 EPS for the current fiscal year.

    Exxon Mobil Announces Dividend

    The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Thursday, August 15th will be issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 3.31%. The ex-dividend date is Thursday, August 15th. Exxon Mobil’s payout ratio is 46.57%.

    Exxon Mobil Profile

    (Free Report)

    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.

    Further Reading

    Want to see what other hedge funds are holding XOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Exxon Mobil Co. (NYSE:XOM – Free Report).

    Institutional Ownership by Quarter for Exxon Mobil (NYSE:XOM)

    Receive News & Ratings for Exxon Mobil Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Exxon Mobil and related companies with MarketBeat.com’s FREE daily email newsletter.

    ABMN Staff

    Source link

  • Dakota Wealth Management Has $25.60 Million Position in Exxon Mobil Co. (NYSE:XOM)

    Dakota Wealth Management Has $25.60 Million Position in Exxon Mobil Co. (NYSE:XOM)

    Dakota Wealth Management raised its holdings in Exxon Mobil Co. (NYSE:XOM – Free Report) by 5.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 222,342 shares of the oil and gas company’s stock after buying an additional 12,002 shares during the quarter. Exxon Mobil accounts for approximately 0.6% of Dakota Wealth Management’s holdings, making the stock its 29th biggest holding. Dakota Wealth Management’s holdings in Exxon Mobil were worth $25,596,000 at the end of the most recent quarter.

    Other hedge funds and other institutional investors also recently made changes to their positions in the company. International Assets Investment Management LLC grew its position in Exxon Mobil by 3.2% in the fourth quarter. International Assets Investment Management LLC now owns 49,187 shares of the oil and gas company’s stock valued at $4,918,000 after acquiring an additional 1,539 shares during the period. Tennessee Valley Asset Management Partners boosted its stake in shares of Exxon Mobil by 4.3% in the 4th quarter. Tennessee Valley Asset Management Partners now owns 5,611 shares of the oil and gas company’s stock valued at $561,000 after purchasing an additional 232 shares in the last quarter. Obermeyer Wood Investment Counsel Lllp grew its holdings in shares of Exxon Mobil by 1,010.7% in the 4th quarter. Obermeyer Wood Investment Counsel Lllp now owns 152,324 shares of the oil and gas company’s stock worth $15,229,000 after purchasing an additional 138,610 shares during the last quarter. Fidelis Capital Partners LLC increased its position in shares of Exxon Mobil by 16.4% during the 4th quarter. Fidelis Capital Partners LLC now owns 44,603 shares of the oil and gas company’s stock worth $4,459,000 after purchasing an additional 6,282 shares in the last quarter. Finally, Fonville Wealth Management LLC acquired a new position in Exxon Mobil in the fourth quarter valued at about $385,000. 61.80% of the stock is owned by institutional investors.

    Analysts Set New Price Targets

    XOM has been the subject of several recent analyst reports. Sanford C. Bernstein dropped their price objective on shares of Exxon Mobil from $139.00 to $138.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. HSBC boosted their price objective on Exxon Mobil from $111.00 to $120.00 and gave the stock a “hold” rating in a research note on Tuesday, April 30th. Evercore ISI upgraded shares of Exxon Mobil to a “strong-buy” rating in a research report on Monday, August 5th. TD Cowen raised their price target on shares of Exxon Mobil from $128.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. Finally, Wells Fargo & Company reduced their price objective on Exxon Mobil from $139.00 to $135.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Eight analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $134.56.

    Check Out Our Latest Research Report on XOM

    Exxon Mobil Trading Up 0.3 %

    Shares of NYSE XOM traded up $0.31 during midday trading on Wednesday, reaching $114.89. 616,764 shares of the stock were exchanged, compared to its average volume of 17,077,803. Exxon Mobil Co. has a 12 month low of $95.77 and a 12 month high of $123.75. The company has a market capitalization of $453.01 billion, a price-to-earnings ratio of 14.04, a P/E/G ratio of 4.51 and a beta of 0.91. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.38 and a quick ratio of 1.06. The business has a 50-day simple moving average of $114.85 and a two-hundred day simple moving average of $113.67.

    Exxon Mobil (NYSE:XOM – Get Free Report) last announced its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.10. Exxon Mobil had a return on equity of 16.75% and a net margin of 9.62%. The company had revenue of $93.06 billion during the quarter, compared to the consensus estimate of $90.09 billion. During the same period in the prior year, the company earned $1.94 earnings per share. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. As a group, equities research analysts expect that Exxon Mobil Co. will post 8.65 EPS for the current year.

    Exxon Mobil Dividend Announcement

    The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Thursday, August 15th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 3.31%. The ex-dividend date is Thursday, August 15th. Exxon Mobil’s dividend payout ratio is 46.57%.

    Exxon Mobil Profile

    (Free Report)

    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.

    Featured Articles

    Institutional Ownership by Quarter for Exxon Mobil (NYSE:XOM)

    Receive News & Ratings for Exxon Mobil Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Exxon Mobil and related companies with MarketBeat.com’s FREE daily email newsletter.

    ABMN Staff

    Source link

  • Ninety One SA PTY Ltd Lowers Holdings in Exxon Mobil Co. (NYSE:XOM)

    Ninety One SA PTY Ltd Lowers Holdings in Exxon Mobil Co. (NYSE:XOM)

    Ninety One SA PTY Ltd reduced its position in shares of Exxon Mobil Co. (NYSE:XOM – Free Report) by 68.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 89,751 shares of the oil and gas company’s stock after selling 197,813 shares during the quarter. Exxon Mobil comprises about 1.6% of Ninety One SA PTY Ltd’s portfolio, making the stock its 21st biggest position. Ninety One SA PTY Ltd’s holdings in Exxon Mobil were worth $10,368,000 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 the company. International Assets Investment Management LLC boosted its holdings in shares of Exxon Mobil by 3.2% in the 4th quarter. International Assets Investment Management LLC now owns 49,187 shares of the oil and gas company’s stock valued at $4,918,000 after buying an additional 1,539 shares in the last quarter. Tennessee Valley Asset Management Partners grew its holdings in Exxon Mobil by 4.3% in the fourth quarter. Tennessee Valley Asset Management Partners now owns 5,611 shares of the oil and gas company’s stock worth $561,000 after purchasing an additional 232 shares during the last quarter. Obermeyer Wood Investment Counsel Lllp lifted its holdings in shares of Exxon Mobil by 1,010.7% during the 4th quarter. Obermeyer Wood Investment Counsel Lllp now owns 152,324 shares of the oil and gas company’s stock valued at $15,229,000 after purchasing an additional 138,610 shares during the last quarter. Fidelis Capital Partners LLC boosted its position in shares of Exxon Mobil by 16.4% in the 4th quarter. Fidelis Capital Partners LLC now owns 44,603 shares of the oil and gas company’s stock worth $4,459,000 after purchasing an additional 6,282 shares in the last quarter. Finally, Fonville Wealth Management LLC purchased a new position in Exxon Mobil during the 4th quarter worth $385,000. Institutional investors own 61.80% of the company’s stock.

    Exxon Mobil Price Performance

    Shares of Exxon Mobil stock traded up $0.31 during trading hours on Wednesday, reaching $114.89. 616,764 shares of the company’s stock were exchanged, compared to its average volume of 17,077,803. The business has a fifty day moving average of $114.85 and a two-hundred day moving average of $113.67. The company has a quick ratio of 1.06, a current ratio of 1.38 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $453.01 billion, a P/E ratio of 14.04, a price-to-earnings-growth ratio of 4.51 and a beta of 0.91. Exxon Mobil Co. has a 1 year low of $95.77 and a 1 year high of $123.75.

    Exxon Mobil (NYSE:XOM – Get Free Report) last released its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.14 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.10. Exxon Mobil had a net margin of 9.62% and a return on equity of 16.75%. The company had revenue of $93.06 billion during the quarter, compared to the consensus estimate of $90.09 billion. During the same quarter in the prior year, the firm earned $1.94 EPS. Exxon Mobil’s quarterly revenue was up 12.2% on a year-over-year basis. As a group, research analysts predict that Exxon Mobil Co. will post 8.65 earnings per share for the current fiscal year.

    Exxon Mobil Announces Dividend

    The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Thursday, August 15th will be issued a dividend of $0.95 per share. The ex-dividend date is Thursday, August 15th. This represents a $3.80 annualized dividend and a dividend yield of 3.31%. Exxon Mobil’s dividend payout ratio is presently 46.57%.

    Analysts Set New Price Targets

    Several equities analysts recently commented on XOM shares. Truist Financial decreased their price objective on shares of Exxon Mobil from $124.00 to $121.00 and set a “hold” rating for the company in a research report on Monday, July 22nd. Morgan Stanley reiterated an “overweight” rating and issued a $145.00 target price on shares of Exxon Mobil in a research report on Wednesday, May 15th. HSBC raised their price target on shares of Exxon Mobil from $111.00 to $120.00 and gave the stock a “hold” rating in a research report on Tuesday, April 30th. UBS Group upped their price objective on shares of Exxon Mobil from $156.00 to $157.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Mizuho upped their price target on shares of Exxon Mobil from $125.00 to $128.00 and gave the company a “neutral” rating in a report on Monday, May 13th. Eight investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $134.56.

    View Our Latest Analysis on XOM

    Exxon Mobil Company Profile

    (Free Report)

    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.

    Recommended Stories

    Institutional Ownership by Quarter for Exxon Mobil (NYSE:XOM)

    Receive News & Ratings for Exxon Mobil Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Exxon Mobil and related companies with MarketBeat.com’s FREE daily email newsletter.

    ABMN Staff

    Source link

  • Exxon to Close Pioneer Deal as FTC Forces Out Sheffield

    Exxon to Close Pioneer Deal as FTC Forces Out Sheffield

    (Bloomberg) — The US Federal Trade Commission declined to challenge Exxon Mobil Corp.’s $60 billion purchase of Pioneer Natural Resources Co. but asserted that Scott Sheffield, Pioneer’s co-founder, must not take a seat on the supermajor’s board.

    Most Read from Bloomberg

    The decision, announced Thursday in a filing, will ease concern the Biden administration will seek to block a series of oil and gas mega-mergers, but it came at a hefty price. The antitrust agency says it found evidence Sheffield sought to communicate with OPEC and fellow US producers about oil pricing and output, potentially driving up costs for consumers.

    “Mr. Sheffield’s past conduct makes it crystal clear that he should be nowhere near Exxon’s boardroom. American consumers shouldn’t pay unfair prices at the pump simply to pad a corporate executive’s pocketbook,” Deputy Director of the FTC’s Bureau of Competition Kyle Mach said in a statement.

    The FTC says its order will prevent Sheffield from engaging in “collusive activity” that would could drive up crude prices and force US consumers to pay higher fuel prices. The agency says he exchanged hundreds of text messages with OPEC representatives and officials about the oil market.

    Exxon shares rose 0.3% before the start of regular trading in New York. Pioneer shares were unchanged.

    The proposed consent order also bars Sheffield from serving in any advisory capacity at Exxon and prohibits the oil giant from appointing any Pioneer employee or director to its board for five years.

    Exxon said in a statement that the company learned of the FTC’s allegations regarding Sheffield from the agency and that they are “entirely inconsistent with how we do business.” Exxon has agreed to the terms of the consent decree and plans to close its acquisition of Pioneer on May 3, the company said.

    Pioneer said it was surprised by the FTC’s allegations and disagrees with the agency’s conclusions.

    “Mr. Sheffield and Pioneer believe that the FTC’s complaint reflects a fundamental misunderstanding of the US and global oil markets and misreads the nature and intent of Mr. Sheffield’s actions,” the company said in a statement.

    Selling his company to Exxon and landing a seat on the board were a career capstone for Sheffield, who led Pioneer for more than 20 years and was one of the earliest proponents of fracking in the Permian Basin. After closing the merger, Exxon will be far and away the biggest producer in the Permian Basin of Texas and New Mexico, which now pumps more oil per day than Iraq, the second-largest OPEC-member.

    More than 50 lawmakers urged the FTC in March to increase scrutiny over fears a $230 billion wave of consolidation in the past year would increase energy prices for consumers, squeeze suppliers and suppress wages. Investors had feared the agency, which has become more aggressive under Chair Lina Khan, would stand in the way of several large deals, especially in an election year when the Biden administration is seeking to prove its climate credentials and contain gasoline prices.

    Chevron Corp., Occidental Petroleum Corp. and Chesapeake Energy Corp. are among companies with large pending takeover deals that are undergoing in-depth reviews before the FTC.

    Oil executives claim the deals will benefit shareholders, consumers and the environment. Exxon Chief Executive Officer Darren Woods has said the Pioneer deal would lower its cost of production, making US barrels more competitive in the global market and provide a strong platform for growth, which would ultimately benefit consumers. Exxon also pledged to make Pioneer’s operations net zero by 2035, accelerating the prior target by 15 years.

    Sheffield is a rare outspoken leader in the US shale patch, frequently appearing in media interviews and industry conferences. He was an early advocate of the industry’s push for capital discipline rather than ramping up production at all costs, and was one of the first CEOs to call on his company and others to reducing flaring.

    But it was Sheffield’s public and private communications with OPEC and other industry executives that caught the attention of the FTC. He was a leading advocate of government-mandated rationing of Texas oil production during the early-2020 crude market collapse that saw prices plunge below zero. His efforts to convince the Texas Railroad Commission that oversees that state’s oil industry to impose output caps for the first time in decades was ultimately unsuccessful.

    The Biden administration has frequently been at odds with the industry, but easing through what many executives see as the necessary consolidation of the oil patch is likely to improve relations. With crude prices up more than 10% this year and tensions rising the Middle East, the administration is vulnerable to Republican attacks on measures that hurt the oil industry and raise gas prices.

    The Pioneer deal will combine two fast-growing Permian operations, lifting Exxon’s production in the basin to about 2 million barrels of oil equivalent a day by 2027, up from about 600,000 last year.

    –With assistance from Joe Carroll, Joe Ryan and Mitchell Ferman.

    (Adds statements from Exxon and Pioneer.)

    Most Read from Bloomberg Businessweek

    ©2024 Bloomberg L.P.

    Source link

  • Exxon Mobil Co. (NYSE:XOM) Position Boosted by Stratos Wealth Advisors LLC

    Exxon Mobil Co. (NYSE:XOM) Position Boosted by Stratos Wealth Advisors LLC

    Stratos Wealth Advisors LLC boosted its position in Exxon Mobil Co. (NYSE:XOM – Free Report) by 9.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 57,712 shares of the oil and gas company’s stock after buying an additional 5,043 shares during the period. Stratos Wealth Advisors LLC’s holdings in Exxon Mobil were worth $5,770,000 as of its most recent SEC filing.

    Several other institutional investors and hedge funds have also recently bought and sold shares of XOM. KB Financial Partners LLC acquired a new stake in Exxon Mobil during the first quarter worth about $27,000. IMA Wealth Inc. grew its holdings in shares of Exxon Mobil by 720.0% during the second quarter. IMA Wealth Inc. now owns 369 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 324 shares during the last quarter. FWL Investment Management LLC acquired a new stake in shares of Exxon Mobil during the 4th quarter worth approximately $43,000. DHJJ Financial Advisors Ltd. bought a new stake in shares of Exxon Mobil in the 3rd quarter worth approximately $49,000. Finally, Studio Investment Management LLC acquired a new position in Exxon Mobil during the 4th quarter valued at approximately $49,000. Institutional investors and hedge funds own 61.80% of the company’s stock.

    Exxon Mobil Trading Down 0.7 %

    Shares of XOM stock opened at $120.55 on Tuesday. The company has a quick ratio of 1.09, a current ratio of 1.48 and a debt-to-equity ratio of 0.18. The stock has a 50-day simple moving average of $108.40 and a 200 day simple moving average of $106.00. Exxon Mobil Co. has a fifty-two week low of $95.77 and a fifty-two week high of $122.15. The stock has a market capitalization of $478.32 billion, a P/E ratio of 13.56, a P/E/G ratio of 4.31 and a beta of 0.96.

    Exxon Mobil (NYSE:XOM – Get Free Report) last announced its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $2.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.28. Exxon Mobil had a net margin of 10.45% and a return on equity of 18.51%. The company had revenue of $84.34 billion for the quarter, compared to analysts’ expectations of $90.03 billion. During the same quarter in the previous year, the company posted $3.40 EPS. The business’s revenue was down 11.6% compared to the same quarter last year. On average, sell-side analysts expect that Exxon Mobil Co. will post 9.38 earnings per share for the current fiscal year.

    Exxon Mobil Dividend Announcement

    The business also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Wednesday, February 14th were given a dividend of $0.95 per share. The ex-dividend date was Tuesday, February 13th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 3.15%. Exxon Mobil’s dividend payout ratio (DPR) is presently 42.74%.

    Insider Transactions at Exxon Mobil

    In other news, VP Darrin L. Talley sold 2,400 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $105.00, for a total transaction of $252,000.00. Following the sale, the vice president now directly owns 30,189 shares of the company’s stock, valued at $3,169,845. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.04% of the company’s stock.

    Analysts Set New Price Targets

    Several equities research analysts have weighed in on XOM shares. Redburn Atlantic raised Exxon Mobil from a “neutral” rating to a “buy” rating and increased their target price for the stock from $116.00 to $119.00 in a research report on Tuesday, January 9th. TD Cowen lifted their price objective on shares of Exxon Mobil from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, April 1st. UBS Group reduced their target price on shares of Exxon Mobil from $133.00 to $132.00 and set a “buy” rating for the company in a research note on Tuesday, January 23rd. Erste Group Bank restated a “hold” rating on shares of Exxon Mobil in a research note on Friday, December 22nd. Finally, Truist Financial boosted their price objective on Exxon Mobil from $140.00 to $146.00 and gave the stock a “buy” rating in a research report on Friday. Nine investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $129.82.

    Get Our Latest Analysis on Exxon Mobil

    Exxon Mobil Profile

    (Free Report)

    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.

    See Also

    Want to see what other hedge funds are holding XOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Exxon Mobil Co. (NYSE:XOM – Free Report).

    Institutional Ownership by Quarter for Exxon Mobil (NYSE:XOM)

    Receive News & Ratings for Exxon Mobil Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Exxon Mobil and related companies with MarketBeat.com’s FREE daily email newsletter.

    ABMN Staff

    Source link

  • So Long, Apple and Tesla. We Built a Better Magnificent 7.

    So Long, Apple and Tesla. We Built a Better Magnificent 7.

    By Nicholas Jasinski

    Jan 12, 2024, 1:00 am EST

    In this article

    AMZN

    AAPL

    MSFT

    NVDA

    SPX

    The Magnificent Seven had an extraordinary year in 2023—one that will be very difficult to repeat. And there will be a new Magnificent Seven in 2024.

    Continue reading this article with a Barron’s subscription.

    View Options
    [ad_2]
    Source link

  • Chevron Is a Buy. It’s Been Punished Enough.

    Chevron Is a Buy. It’s Been Punished Enough.

    In less than a year, Chevron has gone from being Wall Street’s favorite Big Energy company to a show-me story. Investors who buy the stock now should end up liking what they see.

    Chevron stock (ticker: CVX) has fallen 17% in 2023, making it the worst performer by far among the half-dozen global super majors this year. Exxon Mobil (XOM), by comparison, is down just 2% this year, and the Energy Select Sector SPDR exchange-traded fund (XLE) is about flat.

    Advertisement – Scroll to Continue

    Most of the drop has come during the past few weeks after a disappointing earnings report that included news of a surprise delay in the development of a key oil field in Kazakhstan, while Chevron’s $60 billion deal to buy Hess (HES), an independent energy producer, not only failed to excite investors but was seen as a sign of weakness by some.

    Continue reading this article with a Barron’s subscription.

    View Options

    Source link

  • A 47-year-old ship could cause “one of the worst oil spills in human history.” Here’s the plan to stop it.

    A 47-year-old ship could cause “one of the worst oil spills in human history.” Here’s the plan to stop it.

    The United Nations officially launched its mission this week to prevent what it says could be an “environmental catastrophe” on the Red Sea. Sitting off the coast of Yemen lies a nearly half-century-old ship with roughly 1.14 million barrels of crude oil on board, the global agency said – and it’s “deteriorating rapidly.” 

    The massive 47-year-old supertanker, FSO Safer, rests just about 5 1/2 miles off of Yemen’s coast, where it has gone without maintenance for seven years. 

    “Its structural integrity is compromised, and it is deteriorating rapidly,” the U.N. says. “There is a serious risk the vessel could be struck by a floating mine, spontaneously explode or break apart at any moment.” 

    safer-supertanker-30-may-6.jpg
    First photos of the FSO Safer taken from the salvage vessel Ndeavor which arrived alongside the Safer on May 30, 2023. 

    Coen de Jong/Boskalis/United Nations


    Officials have been pushing for the situation to be addressed for years. In 2020, the U.N.’s Environment executive director Inger Andersen warned that if the oil on that ship was to leak into the water, it could unleash four times more oil than what was released in Alaska’s Exxon Valdez oil spill of 1989, which affected more than 1,300 miles of shoreline and killed thousands of birds and sea otters, hundreds of seals and nearly two dozen killer whales. 

    To this day, several species are still considered not to have recovered from the incident, according to NOAA, and the spill was one of the nation’s biggest environmental disasters in recent history.

    And it would only be an added strain on the continent’s environment. On Africa’s West Coast, millions of barrels of oil have been spilled in the Niger Delta for decades, leading to environmental damage, lawsuits and protests.

    If this tanker were to burst open, the U.N. estimates it would cost $20 billion to clean up and could affect 17 million people while destroying coral reefs, mangroves and other forms of sea life, making it “one of the worst oil spills in human history.”

    “Coastal communities would be hit hardest. Hundreds of thousands of jobs in the fishing industry would be lost almost overnight,” the U.N. says. “It would take 25 years for fish stocks to recover.”

    graphic-1-location-of-safer-clean.jpg
    The FSO Safer is located a few miles off the coast of Yemen. 

    United Nations


    How did FSO Safer get stuck in the Red Sea? 

    The current situation is rooted in the Yemen civil war, which has been ongoing since 2014. When that war began between the country’s government and Houthi rebels, the ship became a bargaining trip for the two sides. The back-and-forth ended up putting a halt to all operations on the ship in 2015. 

    nautica-en-route-to-fso-safer-34.jpg
    The VLCC Nautica is a very large crude carrier secured by UNDP to sail to the FSO Safer just off the coast of Yemen, and take on the oil from Safer. 

    UNDP


    What is the U.N.’s plan to address the problem? 

    The official launch of the mission to prevent such a disaster comes a year after the U.N. started an online crowdfunding campaign to raise the money to do so. They have estimated it will cost about $144 million to complete the mission, and while the U.N. has much of that on hand, they say they still need $24 million to fully fund the effort.

    But even with that gap, this week they commenced the “high-risk,” two-part operation. 

    The initial step, dubbed the “emergency phase,” entails transferring the oil from the tanker to a new vessel, named Nautica. The crew that will be inspecting the aging vessel arrived on-site on May 30. As of Friday morning Eastern Time, Nautica was situated off the coast of Djibouti, East Africa, where officials say it will remain until Safer is deemed ready to transfer its oil. 

    In the second phase, Nautica – with the oil onboard – will be connected to a catenary anchor leg mooring buoy, which is designed to handle large vessels such as this, to take the ship’s place in its spot in the Red Sea. FSO Safer, which even though emptied will still have “a considerable amount of residual oil and pose a significant environmental threat,” will then be towed to a scrap yard. 

    While the U.N. has been raising money for this mission, officials say $29 million is still needed. 

    “This is a great milestone,” U.N. humanitarian coordinator David Gressly said, “but we will not rest easy until the operation is completed.”

    Amjad Tadros contributed to this report.

    Li Cohen


    li.jpg

    Li Cohen is a social media producer and trending content writer for CBS News.

    Source link

  • Puzo Michael J Trims Holdings in Exxon Mobil Co. (NYSE:XOM)

    Puzo Michael J Trims Holdings in Exxon Mobil Co. (NYSE:XOM)

    Puzo Michael J reduced its holdings in shares of Exxon Mobil Co. (NYSE:XOM – Get Rating) by 3.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 39,395 shares of the oil and gas company’s stock after selling 1,315 shares during the quarter. Exxon Mobil accounts for about 1.6% of Puzo Michael J’s investment portfolio, making the stock its 27th largest holding. Puzo Michael J’s holdings in Exxon Mobil were worth $4,345,000 as of its most recent filing with the Securities and Exchange Commission.

    Several other institutional investors and hedge funds also recently made changes to their positions in the business. OLD Second National Bank of Aurora raised its position in shares of Exxon Mobil by 12.1% during the 4th quarter. OLD Second National Bank of Aurora now owns 4,200 shares of the oil and gas company’s stock valued at $463,000 after acquiring an additional 452 shares in the last quarter. Jennison Associates LLC raised its position in shares of Exxon Mobil by 70.4% during the 4th quarter. Jennison Associates LLC now owns 315,716 shares of the oil and gas company’s stock valued at $34,823,000 after acquiring an additional 130,439 shares in the last quarter. Knuff & Co LLC raised its position in shares of Exxon Mobil by 156.8% during the 4th quarter. Knuff & Co LLC now owns 71,605 shares of the oil and gas company’s stock valued at $7,898,000 after acquiring an additional 43,718 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Exxon Mobil by 2.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 29,023,605 shares of the oil and gas company’s stock valued at $3,200,996,000 after acquiring an additional 754,342 shares in the last quarter. Finally, McGlone Suttner Wealth Management Inc. acquired a new stake in shares of Exxon Mobil during the 4th quarter valued at approximately $1,131,000. 57.49% of the stock is currently owned by hedge funds and other institutional investors.

    Exxon Mobil Trading Up 0.2 %

    NYSE:XOM opened at $105.07 on Tuesday. The stock has a fifty day simple moving average of $110.54 and a 200 day simple moving average of $110.90. The firm has a market capitalization of $424.80 billion, a price-to-earnings ratio of 7.11, a price-to-earnings-growth ratio of 0.51 and a beta of 1.09. The company has a quick ratio of 1.10, a current ratio of 1.46 and a debt-to-equity ratio of 0.19. Exxon Mobil Co. has a 1-year low of $80.69 and a 1-year high of $119.92.

    Exxon Mobil (NYSE:XOM – Get Rating) last announced its quarterly earnings data on Friday, April 28th. The oil and gas company reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.65 by $0.18. The firm had revenue of $86.56 billion during the quarter, compared to the consensus estimate of $90.07 billion. Exxon Mobil had a return on equity of 31.48% and a net margin of 15.06%. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.07 EPS. Sell-side analysts forecast that Exxon Mobil Co. will post 10.01 earnings per share for the current year.

    Exxon Mobil Announces Dividend

    The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 9th. Investors of record on Tuesday, May 16th will be paid a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend is Monday, May 15th. Exxon Mobil’s dividend payout ratio is currently 24.64%.

    Insider Transactions at Exxon Mobil

    In other news, VP Darrin L. Talley sold 2,500 shares of the firm’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $116.11, for a total transaction of $290,275.00. Following the completion of the sale, the vice president now directly owns 29,272 shares of the company’s stock, valued at approximately $3,398,771.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.04% of the company’s stock.

    Wall Street Analyst Weigh In

    Several equities research analysts recently issued reports on the company. Jefferies Financial Group dropped their price target on Exxon Mobil from $148.00 to $140.00 in a research report on Monday. StockNews.com started coverage on Exxon Mobil in a research report on Thursday, March 16th. They issued a “hold” rating on the stock. HSBC increased their target price on Exxon Mobil from $113.50 to $115.50 and gave the stock a “hold” rating in a research report on Thursday, April 20th. UBS Group raised Exxon Mobil from a “neutral” rating to a “buy” rating and increased their target price for the stock from $125.00 to $144.00 in a research report on Tuesday, April 18th. Finally, Piper Sandler dropped their target price on Exxon Mobil from $135.00 to $134.00 and set an “overweight” rating on the stock in a research report on Thursday, April 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $125.57.

    About Exxon Mobil

    (Get Rating)

    Exxon Mobil Corp. engages in the exploration, development, and distribution of oil, gas, and petroleum products. It operates through the following segments: Upstream, Downstream and Chemical. The Upstream segment produces crude oil and natural gas. The Downstream segment manufactures and trades petroleum products.

    Read More

    Want to see what other hedge funds are holding XOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Exxon Mobil Co. (NYSE:XOM – Get Rating).

    Institutional Ownership by Quarter for Exxon Mobil (NYSE:XOM)

    Receive News & Ratings for Exxon Mobil Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Exxon Mobil and related companies with MarketBeat.com’s FREE daily email newsletter.

    ABMN Staff

    Source link

  • ExxonMobil: Eyes on the Permian Prize

    ExxonMobil: Eyes on the Permian Prize

    ExxonMobil: Eyes on the Permian Prize

    Source link

  • Exxon sued by U.S. after 5 nooses found at Louisiana plant

    Exxon sued by U.S. after 5 nooses found at Louisiana plant

    Exxon Mobil was sued by a federal agency for alleged racial discrimination against a Black employee after the worker found a hangman’s noose at his worksite at a Baton Rouge, Louisiana, facility. It was one of several nooses found at the plant over a number of years, which the company failed to adequately address, according to the government.

    Milferd McGhee, a Black employee who has worked at the Exxon plant since 2010, found a noose at his workplace in January 2020, according to the lawsuit from the U.S. Equal Employment Opportunity Commission, which was filed on Thursday. 

    McGhee, who was aware that three previous nooses had been found at the Baton Rouge facility, reported the issue to his supervisor. Exxon wasn’t able to determine who left the nooses, and the company recommended additional steps to remedy racial harassment in the workplace, the suit states. 

    However, the energy giant “did not complete all the measures recommended in its investigative report to remedy the harassment” — and a fifth noose was discovered at the same plant in December 2020, according to the suit. 

    In a statement emailed to CBS News, Exxon said it disagrees with the EEOC’s findings and allegations.

    “We encourage employees to report claims like this, and we thoroughly investigated,” the company said. “The symbols of hate are unacceptable, offensive and in violation of our corporate policies.”

    Exxon has a “zero tolerance policy of any form of harassment or discrimination in the workplace,” it added.

    “Symbol of violence”

    The complaint claims a pattern of ineffectual dealings with the incidents, which spanned from 2016 to 2020, with Exxon Mobile allegedly failing to take steps to prevent racial harassment or not following through on recommendations to address the issue. As a result, the company “created a racially hostile work environment,” the EEOC alleged in a statement. 

    “A noose is a longstanding symbol of violence associated with the lynching of African Americans,” said Elizabeth Owen, a senior trial attorney in the EEOC’s New Orleans Field Office, in the statement. “Such symbols are inherently threatening and significantly alter the workplace environment for Black Americans.”

    The EEOC’s lawsuit said it is seeking to “make Mr. McGhee whole” by providing compensation related to past and future nonmonetary losses, including emotional pain and suffering. It is also seeking punitive damages for “malicious and/or reckless conduct,” according to the suit.

    Source link

  • 4 oil companies had total sales of $1 trillion last year

    4 oil companies had total sales of $1 trillion last year

    Global oil companies have rebounded since the pandemic to post their highest ever profits since people started using petroleum.

    Chevron, ConocoPhillips, Exxon and Shell all reported record profits in 2022 — a year in which Russia’s war on Ukraine collided with the post-pandemic economic recovery to drive oil prices to their highest levels in history. 

    Together, the four companies saw $1 trillion in sales last year, a sum greater than the total economic output of Colombia, South Africa or Switzerland. TotalEnergies and BP are set to report their 2022 financial results next week. 

    The record profits come after a year of skyrocketing gas prices. After slumping hard in 2020, global consumption of oil and gasoline bounced back far slower than production, putting pressure on gas prices. Russia’s invasion of Ukraine a year ago further shrank the world’s oil supplies, bringing the average price of gas in the U.S. above $5 a gallon in the spring and summer.

    Shell on Thursday reported a nearly $40 billion profit for last year. That’s more than double the prior year’s results and the most money Shell has ever made in its 115 years of existence. Chevron, the second-largest oil company in the U.S., posted record earnings of $36.5 billion last year, while refiner ConocoPhillips doubled its profits to $18.7 billion, the highest in the 10 years since it spun off its refining business.

    Exxon, the largest U.S. oil producer, this week reported an epic $55 billion in profits for 2022. The oil giant’s bottom line “clearly benefited from a favorable market,” CEO Darren Woods told investors. He also touted Exxon’s investments before and during the pandemic, which allowed it to increase production as demand was ramping up. 

    “We leaned in when others leaned out, bucking conventional wisdom,” Woods said. 

    The windfall makes Exxon the third-most-profitable company of 2022, behind only Apple and Microsoft, according to the Wall Street Journal.

    In addition to high prices for crude oil, elevated natural-gas prices and high margins in the refining business also pushed up oil company profit, said Peter McNally, industrial and energy analyst at Third Bridge.

    “Windfall” profits

    The White House and environmentalists have condemned oil companies’ ballooning profits. The White House has criticized fossil-fuel companies for not increasing production to help bring down gas prices, and last year floated a tax on oil and gas profits. 

    A White House spokesperson called Exxon’s record profit “outrageous” in a statement to the BBC. The spokesperson, Abdullah Hasan, also blasted Chevron’s announcement that it would spend $75 billion on buying back stock from investors.

    “Companies clearly have everything they need — record profits and thousands of approved permits — to increase production. The only thing getting in the way is their own decision to keep plowing windfall profits into the pockets of executives,” Hasan tweeted.

    “A windfall tax on oil and gas profits is needed more than ever, to free up money that’s desperately needed to help those struggling with the cost of energy, and as economies around the world face recession,” Jonathan Noronha-Gant, senior campaigner with Global Witness, told the Associated Press.

    Some jurisdictions, including the European Union and the U.K., have imposed such taxes on surplus energy-company profits, putting the proceeds toward covering citizens’ skyrocketing energy costs. In December, Exxon sued to stop the EU’s tax.

    “We looked at what happened in the EU and said it both is not legal and it’s the opposite of what is needed,” Woods said Tuesday, calling the tax “a penalty on the broad energy sector.”

    Dramatic turnaround

    Oil companies have seen a remarkable turnaround from 2020, a year when travel ground to a halt, demand for fuel evaporated, dozens of oil and gas companies filed for bankruptcy protection, and thousands of industry workers were laid off. Exxon lost $22 billion that year — the first year in decades that it had lost money.

    In addition to oil-extracting operations that were taken offline in 2020, refining capacity also fell, contributing to higher gas prices and refinery profit margins.

    “The refining business, particularly in the U.S., soared to record levels,” McNally, the Third Bridge analyst, said. “The price of crude oil went up but the prices of refined products like gasoline and diesel went up even more. The largest U.S. independent refiner, Marathon Petroleum, delivered record profits, but ExxonMobil and Chevron also compete in refining.”

    The Associated Press contributed reporting.

    Source link

  • 5 Energy Stocks Poised to Keep Growing Earnings

    5 Energy Stocks Poised to Keep Growing Earnings

    Several energy companies are expected to post record earnings in 2022.


    Exxon Mobil


    alone is on track to make about $60 billion. But 2023 is a different story. While the setup is still very strong for most oil-and-gas companies, many are expected to see their earnings per share fall from 2022 levels.

    Oil prices have fallen well below last year’s highs, and natural gas has slipped too. Producers of oil and gas are also expecting higher costs this year, with oil services companies raising their rates. 

    Source link

  • Russia Wipes Out Exxon’s Stake in Sakhalin Oil-and-Gas Project

    Russia Wipes Out Exxon’s Stake in Sakhalin Oil-and-Gas Project

    Russia Wipes Out Exxon’s Stake in Sakhalin Oil-and-Gas Project

    Source link