Exxon Mobil Rewards Shareholders with 1.1% Dividend Hike

Oil and gas major Exxon Mobil Corporation (XOM) recently announced a quarterly dividend of $0.88 per share, an increase of about 1.1% from the previous dividend of $0.87.

Following the news, shares of the company declined 2.6% on Wednesday. The stock, however, pared its losses slightly to close at $64.39 in the extended trading session.

The dividend will be paid on December 10, 2021, to shareholders of record as of November 12, 2021.

The company’s annual dividend of $3.52 per share now reflects a dividend yield of 5.5% based on Wednesday’s closing price.

Notably, the company has been raising its quarterly dividend consistently over the past eight years (except for 2020), making it an attractive choice for investors. (See ExxonMobilstock chart on TipRanks)

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Recently, Piper Sandler analyst Ryan Todd reiterated a Hold rating on the stock. The analyst, however, raised the price target from $69 to $79, which implies upside potential of 23.2% from current levels.

Consensus among analysts is a Hold based on 3 Buys, 4 Holds and 2 Sells. The average ExxonMobil price target of $70.17 implies upside potential of 9.4% from current levels.

Exxon Mobil scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained about 103.1% over the past year.

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