Bank of America Issues Positive Forecast for Exxon Mobil (NYSE:XOM) Stock Price

Key Points

• Bank of America has increased its target price for Exxon Mobil's stock from $113.00 to $120.00, indicating a potential upside of 7.29% from its previous close.
• Exxon Mobil's recent quarterly earnings report showed $1.64 earnings per share, surpassing analysts' expectations of $1.47.
• Overall, Exxon Mobil has an average stock rating of "Hold" with a consensus target price of $124.81, supported by ratings from various research firms.

Exxon Mobil (NYSE:XOM - Get Free Report) had its target price lifted by equities researchers at Bank of America from $113.00 to $120.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the oil and gas company's stock. Bank of America's price target indicates a potential upside of 7.29% from the stock's previous close.

Several other research firms have also recently commented on XOM. TD Cowen boosted their price target on shares of Exxon Mobil from $120.00 to $128.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Barclays restated a "hold" rating on shares of Exxon Mobil in a research report on Thursday, May 22nd. Scotiabank reiterated an "outperform" rating on shares of Exxon Mobil in a research report on Friday, July 11th. Melius Research began coverage on shares of Exxon Mobil in a research report on Wednesday, August 20th. They issued a "hold" rating and a $111.00 price target for the company. Finally, Wall Street Zen cut shares of Exxon Mobil from a "hold" rating to a "sell" rating in a research note on Friday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $124.81.

Exxon Mobil Price Performance

Shares of NYSE:XOM traded up $1.19 during midday trading on Wednesday, hitting $111.84. The company's stock had a trading volume of 2,152,244 shares, compared to its average volume of 16,516,066. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.88 and a current ratio of 1.25. The business's 50 day simple moving average is $110.52 and its 200 day simple moving average is $109.11. Exxon Mobil has a 12-month low of $97.80 and a 12-month high of $126.34. The company has a market cap of $476.82 billion, a P/E ratio of 15.90, a price-to-earnings-growth ratio of 2.05 and a beta of 0.57.

Exxon Mobil (NYSE:XOM - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.64 earnings per share for the quarter, beating analysts' consensus estimates of $1.47 by $0.17. Exxon Mobil had a net margin of 9.17% and a return on equity of 11.34%. The business had revenue of $81.51 billion during the quarter, compared to analysts' expectations of $79.07 billion. During the same period last year, the business earned $2.14 earnings per share. The business's revenue for the quarter was down 12.4% on a year-over-year basis. On average, analysts forecast that Exxon Mobil will post 7.43 EPS for the current year.

Insider Transactions at Exxon Mobil

In other Exxon Mobil news, VP Darrin L. Talley sold 2,158 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $110.45, for a total value of $238,351.10. Following the sale, the vice president directly owned 13,829 shares in the company, valued at approximately $1,527,413.05. This trade represents a 13.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.03% of the stock is owned by company insiders.

Hedge Funds Weigh In On Exxon Mobil

Institutional investors have recently bought and sold shares of the stock. 10Elms LLP acquired a new stake in shares of Exxon Mobil during the 4th quarter valued at about $25,000. Graybill Wealth Management LTD. acquired a new stake in shares of Exxon Mobil during the 1st quarter valued at about $29,000. Elequin Capital LP acquired a new stake in shares of Exxon Mobil during the 1st quarter valued at about $31,000. Clal Insurance Enterprises Holdings Ltd lifted its holdings in shares of Exxon Mobil by 396.7% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 298 shares of the oil and gas company's stock valued at $35,000 after buying an additional 238 shares during the last quarter. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Exxon Mobil during the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 61.80% of the company's stock.

About Exxon Mobil

Exxon Mobil Corporation engages in the exploration and production of crude oil and natural gas in the United States and internationally. It operates through Upstream, Energy Products, Chemical Products, and Specialty Products segments. The Upstream segment explores for and produces crude oil and natural gas.

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