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Atalanta Sosnoff Capital Reduces Stake in Exxon Mobil by 0.9%

Atalanta Sosnoff Capital LLC has decreased its stake in Exxon Mobil Corporation (NYSE:XOM) by 0.9% during the first quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm now holds 625,233 shares after selling 5,723 shares in the quarter. This reduction makes Exxon Mobil approximately 1.8% of Atalanta Sosnoff’s overall portfolio, ranking it as the firm’s 20th largest investment.

The value of Atalanta Sosnoff’s holdings in Exxon Mobil stood at approximately $74,359,000 at the end of the quarter. This adjustment follows a trend among several institutional investors who have also modified their positions in the oil and gas giant. For instance, Axis Wealth Partners LLC raised its stake by 1.9%, acquiring an additional 93 shares, bringing its total to 4,966 shares valued at $591,000.

Gagnon Securities LLC increased its position by 1.3%, now owning 7,235 shares worth $860,000, while Ascent Capital Management LLC raised its stake by 2.0%, owning 4,913 shares valued at $584,000. Furthermore, DDD Partners LLC and Waypoint Wealth Partners Inc. also increased their holdings by 1.4% and 2.1%, respectively. Overall, hedge funds and institutional investors now control 61.80% of Exxon Mobil’s stock.

Analyst Ratings and Price Targets for Exxon Mobil

Exxon Mobil has been the subject of various analyst assessments recently. Melius Research initiated coverage on the company with a “hold” rating and a target price of $111.00. Similarly, Royal Bank of Canada reaffirmed a “sector perform” rating, while Barclays also reiterated a “hold” rating. According to data from MarketBeat, analysts have mixed reviews on the stock, with one strong buy, eight buys, eleven holds, and one sell. The average rating is currently “hold” with a target price of $125.00.

On August 1, 2023, Exxon Mobil reported quarterly earnings, achieving earnings per share (EPS) of $1.64, surpassing analysts’ expectations of $1.47 by $0.17. The company’s revenue for the quarter amounted to $81.51 billion, exceeding estimates of $79.07 billion, although it marked a 12.4% decline compared to the previous year.

Dividend Announcement and Insider Activity

Exxon Mobil also announced a quarterly dividend to be distributed on September 10, 2023. Shareholders recorded as of August 15 will receive a dividend of $0.99, translating to an annualized dividend of $3.96 and a yield of 3.5%. The company currently has a payout ratio of 56.25%.

In other news, Vice President Darrin L. Talley sold 2,158 shares of Exxon Mobil on August 22 at an average price of $110.45, totaling approximately $238,351.10. Following this transaction, Talley holds 13,829 shares valued at around $1,527,413.05, representing a decrease of 13.50% from his previous holdings.

Exxon Mobil Corporation is engaged in the exploration and production of crude oil and natural gas, operating through various segments including Upstream and Energy Products. As it continues to navigate the complexities of the energy market, the company’s performance and strategic adjustments will remain closely monitored by investors and analysts alike.

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