State of Michigan Retirement System raised its stake in shares of Exxon Mobil Co. (NYSE:XOM) by 11.3% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,079,818 shares of the oil and gas company’s stock after acquiring an additional 109,886 shares during the period. State of Michigan Retirement System’s holdings in Exxon Mobil were worth $48,289,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Guggenheim Capital LLC lifted its position in Exxon Mobil by 7.9% in the fourth quarter. Guggenheim Capital LLC now owns 756,724 shares of the oil and gas company’s stock worth $52,803,000 after buying an additional 55,652 shares during the last quarter. Intrust Bank NA lifted its position in Exxon Mobil by 9.8% in the first quarter. Intrust Bank NA now owns 32,360 shares of the oil and gas company’s stock worth $1,228,000 after buying an additional 2,901 shares during the last quarter. Csenge Advisory Group increased its stake in Exxon Mobil by 27.1% in the first quarter. Csenge Advisory Group now owns 8,848 shares of the oil and gas company’s stock worth $336,000 after purchasing an additional 1,884 shares during the period. D.A. Davidson & CO. increased its stake in Exxon Mobil by 5.8% in the first quarter. D.A. Davidson & CO. now owns 633,891 shares of the oil and gas company’s stock worth $24,057,000 after purchasing an additional 34,710 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in Exxon Mobil by 10.4% in the first quarter. Envestnet Asset Management Inc. now owns 2,197,198 shares of the oil and gas company’s stock worth $83,428,000 after purchasing an additional 207,616 shares during the period. 52.16% of the stock is owned by hedge funds and other institutional investors.

XOM traded up $0.21 on Friday, hitting $42.08. The company had a trading volume of 32,123,002 shares, compared to its average volume of 18,976,564. The stock has a fifty day moving average price of $44.44 and a 200-day moving average price of $48.35. Exxon Mobil Co. has a 12-month low of $30.11 and a 12-month high of $75.66. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.52 and a current ratio of 0.78. The stock has a market capitalization of $177.04 billion, a price-to-earnings ratio of 15.76 and a beta of 1.33.

Exxon Mobil (NYSE:XOM) last posted its earnings results on Friday, July 31st. The oil and gas company reported ($0.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.61) by ($0.09). Exxon Mobil had a net margin of 4.42% and a return on equity of 5.15%. The company had revenue of $32.61 billion during the quarter, compared to analysts’ expectations of $38.16 billion. During the same quarter last year, the firm earned $0.61 EPS. Exxon Mobil’s revenue for the quarter was down 52.8% on a year-over-year basis. Analysts forecast that Exxon Mobil Co. will post -0.38 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Thursday, August 13th will be issued a $0.87 dividend. This represents a $3.48 annualized dividend and a yield of 8.27%. The ex-dividend date is Wednesday, August 12th. Exxon Mobil’s dividend payout ratio is presently 154.67%.

A number of analysts have weighed in on the company. Piper Sandler increased their target price on Exxon Mobil from $46.00 to $49.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Redburn Partners upgraded Exxon Mobil from a “sell” rating to a “neutral” rating in a research note on Wednesday, May 13th. Cfra lowered Exxon Mobil from a “hold” rating to a “sell” rating and increased their target price for the stock from $41.00 to $43.00 in a research note on Thursday, April 30th. UBS Group increased their target price on Exxon Mobil from $46.00 to $48.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 5th. Finally, Scotiabank reduced their target price on Exxon Mobil from $50.00 to $47.00 and set a “sector underperform” rating on the stock in a research note on Monday, July 13th. Five research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $53.17.

About Exxon Mobil

Exxon Mobil Corporation explores for and produces crude oil and natural gas in the United States, Canada/Other Americas, Europe, Africa, Asia, and Australia/Oceania. It operates through Upstream, Downstream, and Chemical segments. The company is also involved in the manufacture, trade, transport, and sale of crude oil, petroleum products, and other specialty products; and manufactures and markets petrochemicals, including olefins, polyolefins, aromatics, and various other petrochemicals.

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

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