ExxonMobil (XOM) Faces Opposition Over Climate Activist Lawsuit

27.05.24 17:27 Uhr

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Exxon Mobil Corporation XOM is facing significant backlash from major investors due to its recent legal actions against climate activist investors.The fund, managed by Norges Bank Investment Management (“NBIM”), announced that it would vote against the reappointment of ExxonMobil’s directors due to the company's lawsuit targeting climate activist investors.This decision comes in response to XOM’s lawsuit targeting two small investor groups advocating for the company to take stronger measures to reduce greenhouse gas emissions.The lawsuit has raised alarms among activists, proxy advisers and shareholders who argue that it seeks to suppress debate at public companies. Calpers, the largest public pension plan in the United States, has joined the opposition, stating that it will vote against the re-election of all ExxonMobil directors, citing the supermajor’s reckless legal actions.NBIM, which is XOM’s sixth-largest shareholder with a 1.23% stake according to LSEG data, emphasized the importance of protecting shareholder rights and expressed concerns about the potential impacts of litigation against shareholders who submit proposals. NBIM has consistently opposed the election of Darren Woods to the board since 2017, based on their principle that the roles of CEO and Chair should not be held by the same individual.Shareholder proxy advisor Glass Lewis has also recommended that investors vote against the reappointment of certain directors, highlighting ExxonMobil’s unusual and aggressive tactics in pursuing the lawsuit against activist investors. However, XOM argues that securities regulators have permitted too many resolutions to proceed to a vote, imposing financial burdens on companies. The company hopes that its legal action will lead to reforms in this area.As the AGM approaches, the mounting opposition from influential investors like NBIM and Calpers underscores a growing demand for greater corporate accountability and proactive climate action within ExxonMobil’s leadership. The outcome of the vote will be closely watched as a potential turning point in the ongoing debate over shareholder rights and corporate responsibility in addressing climate change.Zacks Ranks & Stocks to ConsiderExxonMobil currently carries a Zacks Rank #3 (Hold).Investors interested in the energy sector may look at some better-ranked stocks like SM Energy Company SM, Ecopetrol S.A. EC and Eni SpA E, each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.SM Energy is an independent oil and gas company engaged in the exploration, exploitation, development, acquisition, and production of oil and gas in North America.The Zacks Consensus Estimate for SM’s 2024 and 2025 EPS is pegged at $6.63 and $7.46, respectively. The stock has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.Ecopetrol operates across various sections of the oil and gas industry, including the exploration, development, and production of oil and gas, refining, transportation, and the sale of petroleum products.Ecopetrol has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days. The Zacks Consensus Estimate for EC’s 2024 and 2025 EPS is pegged at $2.55 and $2.63, respectively.Eni SpA, based in Rome, Italy, is among the leading integrated energy players in the world. The company’s share buyback program is expected to increase to €1.6 billion from the previously declared guidance of €1.1 billion in 2024, subject to shareholder approval.The Zacks Consensus Estimate for 2024 and 2025 EPS is pegged at $4.49 and $4.34, respectively. The company has a Zacks Style Score of A for Value and Momentum. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.Highest Returns for Any Asset ClassIt’s not even close. Despite ups and downs, Bitcoin has been more profitable for investors than any other decentralized, borderless form of money.No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%. Zacks predicts another significant surge in months to come.Hurry, Download Special Report – It’s FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Exxon Mobil Corporation (XOM): Free Stock Analysis Report Eni SpA (E): Free Stock Analysis Report SM Energy Company (SM): Free Stock Analysis Report Ecopetrol S.A. (EC): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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Analysen zu ExxonMobil Corp. (Exxon Mobil)

DatumRatingAnalyst
06.12.2023ExxonMobil OverweightJP Morgan Chase & Co.
06.12.2023ExxonMobil BuyUBS AG
07.06.2022ExxonMobil NeutralCredit Suisse Group
21.04.2022ExxonMobil OutperformRBC Capital Markets
30.03.2022ExxonMobil OverweightJP Morgan Chase & Co.
DatumRatingAnalyst
06.12.2023ExxonMobil OverweightJP Morgan Chase & Co.
06.12.2023ExxonMobil BuyUBS AG
21.04.2022ExxonMobil OutperformRBC Capital Markets
30.03.2022ExxonMobil OverweightJP Morgan Chase & Co.
10.03.2022ExxonMobil OverweightBarclays Capital
DatumRatingAnalyst
07.06.2022ExxonMobil NeutralCredit Suisse Group
01.02.2022ExxonMobil Sector PerformRBC Capital Markets
01.02.2022ExxonMobil HoldJefferies & Company Inc.
19.01.2022ExxonMobil Sector PerformRBC Capital Markets
07.01.2022ExxonMobil NeutralCredit Suisse Group
DatumRatingAnalyst
02.12.2021ExxonMobil UnderperformRBC Capital Markets
29.10.2021ExxonMobil UnderperformRBC Capital Markets
02.06.2021ExxonMobil UnderperformRBC Capital Markets
30.04.2021ExxonMobil UnderperformRBC Capital Markets
04.03.2021ExxonMobil UnderperformRBC Capital Markets

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