Atalanta Sosnoff Capital Reduces Stake in Exxon Mobil by 0.9%
Atalanta Sosnoff Capital LLC has reduced its holdings in **Exxon Mobil Corporation** (NYSE: XOM) by **0.9%** during the first quarter of 2023, according to a recent disclosure to the **Securities and Exchange Commission**. The firm now owns **625,233 shares** of the oil and gas giant, following the sale of **5,723 shares** over the quarter. This reduction means that Exxon Mobil represents approximately **1.8%** of Atalanta Sosnoff Capital’s portfolio, ranking as its **20th largest position**. As of the end of the quarter, Atalanta Sosnoff’s stake in Exxon Mobil was valued at **$74,359,000**.
The trend of adjustments in Exxon Mobil holdings is seen across various institutional investors. **Axis Wealth Partners LLC** increased its stake in the company by **1.9%**, bringing its total to **4,966 shares**, worth **$591,000** after acquiring an additional **93 shares**. Similarly, **Gagnon Securities LLC** raised its position by **1.3%**, now holding **7,235 shares** valued at **$860,000** after buying **95 additional shares**. Other firms, including **Ascent Capital Management LLC**, **DDD Partners LLC**, and **Waypoint Wealth Partners Inc.**, also reported increases in their Exxon Mobil shares.
Hedge funds and institutional investors collectively own **61.80%** of Exxon Mobil’s shares, showcasing the significant interest in this industry leader.
Analyst Ratings and Market Performance
Exxon Mobil has drawn considerable attention from analysts, resulting in multiple reports that assess its market potential. **Melius Research** initiated coverage on **August 20**, setting a “hold” rating and a price target of **$111.00** for the stock. Additionally, **Royal Bank of Canada** reaffirmed its “sector perform” rating, while **Barclays** echoed a “hold” rating on **May 22**. The consensus among analysts includes one “Strong Buy,” eight “Buy,” eleven “Hold,” and one “Sell” rating, leading to an average rating of “Hold” with a target price of **$125.00**, according to data from **MarketBeat**.
As of Wednesday, shares of Exxon Mobil traded at **$114.71**, marking a **0.4%** increase. The company’s financial health is reflected in its **debt-to-equity ratio** of **0.12**, **quick ratio** of **0.88**, and **current ratio** of **1.25**. Over the past year, its stock has fluctuated between a low of **$97.80** and a high of **$126.34**. The market capitalization stands at **$489.04 billion**, with a price-to-earnings (PE) ratio of **16.29**.
Recent Earnings and Dividend Announcement
Exxon Mobil recently reported its quarterly earnings on **August 1**, revealing earnings per share (EPS) of **$1.64**, surpassing analysts’ expectations of **$1.47** by **$0.17**. The company achieved a revenue of **$81.51 billion**, exceeding estimates of **$79.07 billion**, although this figure reflects a **12.4%** decline from the previous year’s revenue. Analysts predict that Exxon Mobil will post an EPS of **7.43** for the current fiscal year.
In addition to earnings, Exxon Mobil announced a quarterly dividend of **$0.99**, scheduled for payment on **September 10**. Shareholders on record as of **August 15** will receive this dividend, which translates to an annualized dividend of **$3.96** and a yield of **3.5%**. The company’s payout ratio currently sits at **56.25%**.
In related insider activity, **Darrin L. Talley**, Vice President, sold **2,158 shares** on **August 22** at an average price of **$110.45**, amounting to a total value of **$238,351.10**. Post-transaction, Talley retains **13,829 shares** valued at approximately **$1,527,413.05**. Corporate insiders hold a mere **0.03%** of the company’s stock.
Exxon Mobil Corporation engages in the exploration and production of crude oil and natural gas both in the United States and internationally, operating across multiple segments including Upstream, Energy Products, Chemical Products, and Specialty Products.
