Norwegian fund to support Exxon board in proxy fight

  • Exxon Mobil (NYSE:XOM) wins the backing of Norway's sovereign wealth fund for its board members in its fight against the Engine No. 1 slate of nominees, but the fund wants the company to split the chairman and CEO roles.
  • Norges Bank Investment Management, which owns a 0.94% stake in the company, says it will support 11 of Exxon's 12 directors at next Wednesday's shareholder meeting but will not vote for CEO Darren Woods, arguing that he should not also serve as Chairman.
  • "The roles of chairperson and CEO should not be held by the same individual," the fund says. "The board should exercise objective judgment on corporate affairs and be able to make decisions independently of management."
  • Several major investors have said they would back Engine No. 1's board slate, arguing that fresh directors with more energy industry expertise are needed for the company to change its business model.

    Over the current book year the company from Irving's total revenue could be around 263.9 billion USD (consensus estimates). This is rather significant more than 2020's revenue of 178.57 billion USD.

    Historical revenues and results Exxon Mobil plus estimates 2020

    aandeel

    The analysts expect for 2021 a net profit of 14.97 billion USD. According to most of the analysts the company will have a profit per share for this book year of 3.57 USD. So the price/earnings-ratio equals 16.7.

    Huge dividend Exxon Mobil

    For this year most of the analysts expect a dividend of 3.48 USD per share. Exxon Mobil 's dividend yield thus equals 5.84 percent. The average dividend yield of the oil & gas producers is an attractive 3.08 percent.

    Recent target prices around 56 USD

    Raymond James, KBC Securities and UBS recently provided recommendations for the stock.

    Based on the current number of outstanding shares Exxon Mobil 's market capitalization is 252.39 billion USD. The Exxon Mobil stock was the past 12 months quite unstable. Since last May the stock is even 44 percent higher. This year the stock price moved between 31 and 64 dollar.

    Historical stock prices Exxon Mobil

    stock price exxonmobil

    On Monday the stock closed at 59.61 USD.

    Analist.nl Nieuwsdienst: +31 084-0032-842
    nieuws@analist.nl

    Copyright analist.nl B.V.
    All rights reserved. Any redistribution, duplication or archiving prohibited. Analist.nl doesn't warrant the accuracy of any News Content provided and shall not be liable for any errors, inaccuracies or for any actions taken in reliance thereon.