Scotiabank Has Weak Outlook for Exxon Mobil FY2024 Earnings

Exxon Mobil Co. (NYSE:XOM) – Analysts at Scotiabank dropped their FY2024 earnings estimates for Exxon Mobil in a research report issued on Wednesday, January 8th. Scotiabank analyst P. Cheng now anticipates that the oil and gas company will post earnings per share of $8.05 for the year, down from their previous estimate of $8.80. Scotiabank currently has a “Sector Outperform” rating and a $145.00 target price on the stock. The consensus estimate for Exxon Mobil’s current full-year earnings is $7.95 per share. Scotiabank also issued estimates for Exxon Mobil’s FY2025 earnings at $7.35 EPS.

Several other research firms also recently issued reports on XOM. Redburn Atlantic reiterated a “neutral” rating and issued a $120.00 price objective (up previously from $119.00) on shares of Exxon Mobil in a report on Tuesday, September 24th. Wells Fargo & Company increased their price target on shares of Exxon Mobil from $135.00 to $136.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. Wolfe Research lifted their price objective on shares of Exxon Mobil from $137.00 to $138.00 in a report on Thursday, October 31st. BNP Paribas lowered shares of Exxon Mobil from a “neutral” rating to an “underperform” rating and set a $105.00 target price on the stock. in a report on Wednesday, October 9th. Finally, TD Cowen dropped their price target on shares of Exxon Mobil from $132.00 to $128.00 and set a “buy” rating for the company in a research note on Monday, December 16th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $128.84.

Exxon Mobil Stock Up 0.4 %

Shares of NYSE XOM opened at $109.68 on Monday. Exxon Mobil has a 52-week low of $95.77 and a 52-week high of $126.34. The business’s 50 day moving average is $113.12 and its two-hundred day moving average is $115.58. The firm has a market cap of $482.05 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 4.65 and a beta of 0.91. The company has a quick ratio of 1.01, a current ratio of 1.35 and a debt-to-equity ratio of 0.13.

Exxon Mobil (NYSE:XOM) last issued its quarterly earnings data on Friday, November 1st. The oil and gas company reported $1.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.91 by $0.01. The firm had revenue of $90.02 billion during the quarter, compared to the consensus estimate of $93.98 billion. Exxon Mobil had a return on equity of 14.73% and a net margin of 9.61%. The company’s quarterly revenue was down .8% on a year-over-year basis. During the same period last year, the company earned $2.27 EPS.

Exxon Mobil Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Thursday, November 14th were paid a dividend of $0.99 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $3.96 dividend on an annualized basis and a yield of 3.61%. This is a boost from Exxon Mobil’s previous quarterly dividend of $0.95. Exxon Mobil’s dividend payout ratio is currently 49.32%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Massachusetts Financial Services Co. MA lifted its position in Exxon Mobil by 532.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,815,314 shares of the oil and gas company’s stock worth $1,935,779,000 after acquiring an additional 14,158,054 shares during the period. Primecap Management Co. CA acquired a new stake in shares of Exxon Mobil during the second quarter worth $980,210,000. International Assets Investment Management LLC grew its position in Exxon Mobil by 7,761.0% in the 3rd quarter. International Assets Investment Management LLC now owns 6,893,677 shares of the oil and gas company’s stock valued at $808,077,000 after buying an additional 6,805,982 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in 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 buying an additional 5,330,887 shares during the period. Finally, Legal & General Group Plc raised its position in Exxon Mobil by 19.3% during the 2nd quarter. Legal & General Group Plc now owns 32,308,002 shares of the oil and gas company’s stock worth $3,719,296,000 after buying an additional 5,235,607 shares during the last quarter. 61.80% of the stock is currently owned by institutional investors and hedge funds.

Exxon Mobil Company Profile

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.