Redburn Upgrades Exxon Mobil Corporation (XOM) to a Neutral from a Sell


In a filing, Exxon Mobil Corporation revealed its Director UBBEN JEFFREY W acquired Company’s shares for reported $20.44 million on Aug 01. In the deal valued at $106.44 per share,192,000 shares were bought. As a result of this transaction, UBBEN JEFFREY W now holds 1,827,000 shares worth roughly $ 207.4 million.

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Then, UBBEN JEFFREY W bought 458,000 shares, generating $48,972,562 in total proceeds. Upon buying the shares at $106.93, the Director now owns 1,635,000 shares.

Before that, Talley Darrin L sold 2,500 shares. Exxon Mobil Corporation shares valued at $290,288 were divested by the Vice President at a price of $116.11 per share. As a result of the transaction, Talley Darrin L now holds 29,272 shares, worth roughly $3.32 million.

Redburn upgraded its Exxon Mobil Corporation [XOM] rating to a Neutral from a a Sell in a research note published on Friday, August 31, 2023; the price target was increased to $105 from $100. PT values the company’s stock at a premium of -8.11 to its Friday closing price.

Price Performance Review of XOM

On Friday, Exxon Mobil Corporation [NYSE:XOM] saw its stock jump 2.10% to $113.52. On the same session, the stock had its day’s lowest price of $112.20, but rose to a high of $113.82. Over the last five days, the stock has gained 4.87%. Exxon Mobil Corporation shares have risen nearly 2.92% since the year began. Nevertheless, the stocks have risen 18.76% over the past one year. While a 52-week high of $119.92 was reached on 04/28/23, a 52-week low of $83.89 was recorded on 03/16/23. SMA at 50 days reached $106.58, while 200 days put it at $109.01. A total of 14.82 million shares were traded, compared to the trading of 17.48 million shares in the previous session.

Levels Of Support And Resistance For XOM Stock

The 24-hour chart illustrates a support level at 112.54, which if violated will result in even more drops to 111.56. On the upside, there is a resistance level at 114.16. A further resistance level may holdings at 114.80. The Relative Strength Index (RSI) on the 14-day chart is 65.61, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 2.86, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 3.70%. Stochastics %K at 88.31% indicates the stock is a selling.

How much short interest is there in Exxon Mobil Corporation?

A steep rise in short interest was recorded in Exxon Mobil Corporation stocks on Aug 14, 2023, growing by 5.86 million shares to a total of 34.65 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 28.79 million shares. There was a rise of 16.91%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 0.87% of the overall stock float, the days-to-cover ratio (short ratio) rose to 2.13.

Exxon Mobil Corporation [XOM] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 371,571,650 shares, or roughly 9.19% of the outstanding XOM shares. In other words, the investor’s shares have fallen by -4,252,390 from its previous 13-F filing of 375824040.0. Additionally, SSgA Funds Management, Inc. decreased -5.67% of its stake after which the total value it holdings stand at $21,867,294,137, while BlackRock Fund Advisors reduced -1.60% of its stake to hold $21.06 billion in the firm. Over the last quarter, Fidelity Management & Research Co sold -4,705,531 shares of Exxon Mobil Corporation, while Geode Capital Management LLC sold 254,968 shares. At present, Norges Bank Investment Management is holding 47,383,406 shares valued at $5.08 billion. T. Rowe Price Associates, Inc. owned 40,836,885 shares of the company at the time of its most recent 13F filing, worth $4.38 billion.

According to FactSet, Exxon Mobil Corporation’s share price will average $121.45 in the next year, based on opinions of analysts polled by the firm. This is up nearly 7.92 percent from its previous closing price of $111.19. Analysts expect Exxon Mobil Corporation stock to reach the higher price of $145.00, while the lowest price estimate is $105.00. However, 26 analysts have rated XOM stock as an Overweight in their predictions for 2023.


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