Plancorp LLC significantly increased its stake in ExxonMobil Corporation (NYSE: XOM) during the third quarter, boosting its holdings by 34.4%. The firm now owns 51,117 shares, valued at $8,319,000, after acquiring an additional 13,092 shares. This move comes as several other large investors have also adjusted their positions in ExxonMobil. Dimensional Fund Advisors LP raised its holdings by 5.7% in the first quarter, while Amundi increased its stake by 5.1%. GQG Partners LLC made a substantial move, boosting its holdings by 153.3% in the second quarter. Swiss National Bank and National Pension Service also increased their positions by 5.9% and 1.8%, respectively.
Wall Street analysts have recently weighed in on ExxonMobil's stock. Piper Sandler raised its price target to $185.00, while Royal Bank of Canada increased its target to $180.00. However, BNP Paribas Exane cut its target to $155.00, and DZ Bank downgraded the stock to a "sell" rating with a $170.00 price objective. Despite these mixed views, ExxonMobil currently has a consensus "Hold" rating with a target price of $170.38.
ExxonMobil's stock saw a slight increase of 0.3% on Friday, closing at $165.81. The company reported strong quarterly earnings of $4.23 per share, beating estimates by $0.11. Revenue for the quarter was $110.50 billion, surpassing expectations of $104.89 billion. The firm also announced a quarterly dividend of $1.07, payable on December 10th, representing a 2.6% dividend yield.
In other news, ExxonMobil and Shell are exploring the sale of their Infineum joint venture, a potential multi-billion-dollar transaction. Additionally, Citigroup and TD Cowen analysts see potential for further share-price appreciation, providing a bullish outlook. The company's Uaru project in Guyana is expected to unlock additional supply capacity, supporting long-term production growth.