ExxonMobil (NYSE:XOM) Raised to Buy at Bank of America

ExxonMobil (NYSE:XOM) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Tuesday,Benzinga reports. The firm currently has a $154.00 target price on the oil and gas company’s stock. Bank of America‘s price target indicates a potential upside of 9.33% from the stock’s previous close.

Several other analysts also recently issued reports on the company. BNP Paribas Exane set a $165.00 price target on ExxonMobil and gave the company a “neutral” rating in a research note on Friday, April 17th. Sanford C. Bernstein dropped their price target on ExxonMobil from $195.00 to $182.00 and set an “outperform” rating on the stock in a research note on Monday, May 11th. Citigroup lifted their price target on ExxonMobil from $150.00 to $175.00 and gave the company a “neutral” rating in a research note on Thursday, April 2nd. Piper Sandler dropped their price target on ExxonMobil from $186.00 to $182.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. Finally, Wells Fargo & Company lifted their price target on ExxonMobil from $183.00 to $185.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. Eleven equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, ExxonMobil presently has a consensus rating of “Moderate Buy” and a consensus price target of $165.70.

ExxonMobil Stock Performance

Shares of ExxonMobil stock opened at $140.86 on Tuesday. The company has a market capitalization of $583.84 billion, a PE ratio of 23.75, a PEG ratio of 0.62 and a beta of 0.16. ExxonMobil has a 12 month low of $105.53 and a 12 month high of $176.41. The company has a current ratio of 1.04, a quick ratio of 0.77 and a debt-to-equity ratio of 0.13. The stock’s fifty day simple moving average is $151.69 and its 200 day simple moving average is $142.73.

ExxonMobil (NYSE:XOM) last issued its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.98 by $0.18. The business had revenue of $83.16 billion for the quarter, compared to the consensus estimate of $81.13 billion. ExxonMobil had a return on equity of 10.24% and a net margin of 7.57%.The firm’s revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.76 EPS. On average, research analysts predict that ExxonMobil will post 11.8 EPS for the current year.

Hedge Funds Weigh In On ExxonMobil

Hedge funds have recently modified their holdings of the stock. Capital Investment Advisors LLC increased its holdings in ExxonMobil by 6.6% in the fourth quarter. Capital Investment Advisors LLC now owns 231,488 shares of the oil and gas company’s stock worth $27,857,000 after buying an additional 14,233 shares during the last quarter. New Age Alpha Advisors LLC increased its holdings in ExxonMobil by 5.6% in the third quarter. New Age Alpha Advisors LLC now owns 166,547 shares of the oil and gas company’s stock worth $18,778,000 after buying an additional 8,853 shares during the last quarter. Roberts Capital Advisors LLC acquired a new position in ExxonMobil in the third quarter worth approximately $1,240,000. Midland Wealth Advisors LLC increased its holdings in ExxonMobil by 95.0% in the third quarter. Midland Wealth Advisors LLC now owns 44,675 shares of the oil and gas company’s stock worth $5,037,000 after buying an additional 21,766 shares during the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC increased its holdings in ExxonMobil by 9.0% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 410,046 shares of the oil and gas company’s stock worth $46,233,000 after buying an additional 33,950 shares during the last quarter. Institutional investors own 61.80% of the company’s stock.

Key Stories Impacting ExxonMobil

Here are the key news stories impacting ExxonMobil this week:

• Positive Sentiment: ExxonMobil is reportedly considering an early-stage acquisition of Australia’s Woodside Energy, which could expand its global LNG and upstream footprint if a deal materializes. Exxon Mobil Mulling Acquisition of Australia’s Woodside Energy, Bloomberg Reports
• Positive Sentiment: ExxonMobil sought environmental approval for a 35-well exploration campaign offshore Guyana, reinforcing its growth prospects in one of its most important long-term oil regions. Exxon Mobil seeks environmental permit for exploration in offshore Guyana
• Neutral Sentiment: Analyst commentary highlighted ExxonMobil’s low-cost Permian Basin and Guyana assets as well positioned to benefit if crude prices remain elevated, which supports the bull case but does not add new company-specific news. Will Strong Oil Prices Boost ExxonMobil’s Energy Business?
• Negative Sentiment: Woodside publicly denied that it is in takeover talks with ExxonMobil, tempering expectations that an acquisition bid is imminent. Australia’s Woodside Energy says it is unaware of any proposal involving Exxon Mobil
• Negative Sentiment: Broader energy-sector weakness also weighed on XOM, as oil prices fell to multi-month lows after geopolitical tensions eased, reducing near-term earnings support for integrated oil producers. Oil Prices Slump to 3-Month Lows, Exxon and Chevron Stocks Fall After U.S., Iran Deal

About ExxonMobil

ExxonMobil Corporation (NYSE: XOM) is an integrated oil and gas company engaged in the exploration, production, refining, distribution and marketing of petroleum products and the manufacture and sale of petrochemicals. Its operations span the full energy value chain, including upstream exploration and development of crude oil and natural gas; midstream transportation and storage; and downstream refining, product distribution and retail. The company also produces a broad range of chemical products for industrial and consumer applications.

ExxonMobil markets fuels and lubricants under well-known brands such as Exxon, Mobil and Esso, and its Mobil 1 motor oil is a prominent consumer product.