Exxon Mobil Stock Outlook: Is Wall Street Bullish or Bearish?
Exxon Mobil Corporation (XOM), a global energy powerhouse valued at $460.1 billion by market cap, engages in the exploration and production of crude oil and natural gas across the U.S. and worldwide. The company operates through three primary segments: Upstream, Downstream, and Chemical.
Shares of Exxon Mobil have underperformed the broader market over the past year, with XOM stock gaining 10.3% compared to the S&P 500 Index's ($SPX) 36.9% rally. Moreover, it has surged 16.8% in 2024, trailing SPX’s 19.6% surge on a YTD basis.
On the bright side, XOM has overshadowed the First Trust Nasdaq Oil & Gas ETF (FTXN), which has gained 1% over the past year and 3.1% in 2024.
On Oct. 29, XOM’s shares declined by 1.2% as oil prices continued to slide following a 6% drop the previous day.
On Oct. 24, XOM and Qatar Energy received a three-year extension to complete the Golden Pass LNG plant. However, its shares declined marginally after the announcement.
For the current fiscal year, ending in December, analysts expect XOM to report an EPS decline of 15.9% to $8.01 on a diluted basis. The company’s earnings surprise history is mixed. It missed the consensus estimate in two of the last four quarters while beating the forecast on two occasions.
Among the 23 analysts covering XOM stock, the overall consensus rating is a “Moderate Buy.” That’s based on 13 “Strong Buy” ratings, nine “Hold,” and one “Strong Sell.”
This configuration is slightly more bullish than a month ago, with 12 analysts suggesting a “Strong Buy.”
On October 17, Bank of America (BAC) analyst Jean Ann Salisbury reinstated coverage of Exxon Mobil with a “Neutral” rating and a $124 price target, noting the company’s strong growth prospects in Permian/Guyana and future potential in lithium, Proxxima, and CCUS technologies, which may develop after 2030.
The mean price target of $130.59 suggests an upside potential of 11.8% from the prevailing price level. The Street-high target of $149 represents an upswing of 27.6%.
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On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.