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

Key Points

• Bank of America upgraded ExxonMobil to “buy” from “neutral” and set a $154 price target, implying about 9.33% upside from the prior close.
• Other analysts remain broadly constructive overall, with multiple firms maintaining or raising targets; MarketBeat shows a consensus rating of “Moderate Buy” and an average target price of $165.70.
• ExxonMobil recently beat quarterly expectations, reporting $1.16 EPS versus the $0.98 consensus and revenue of $83.16 billion, while shares were down 4.2% to $140.86 in Tuesday trading.

ExxonMobil (NYSE:XOM - Get Free Report) was upgraded by analysts at Bank of America from a "neutral" rating to a "buy" rating in a research note issued on Tuesday,Benzinga reports. The firm presently has a $154.00 price target on the oil and gas company's stock. Bank of America's price target would indicate a potential upside of 9.33% from the company's previous close.

A number of other brokerages have also commented on XOM. TD Cowen reiterated a "buy" rating on shares of ExxonMobil in a research report on Monday. Citigroup increased their price objective on ExxonMobil from $150.00 to $175.00 and gave the company a "neutral" rating in a research report on Thursday, April 2nd. Piper Sandler decreased their price objective on ExxonMobil from $186.00 to $182.00 and set an "overweight" rating on the stock in a research report on Thursday, April 9th. Jefferies Financial Group increased their price objective on ExxonMobil from $178.00 to $184.00 and gave the company a "buy" rating in a research report on Thursday, April 9th. Finally, Wolfe Research lowered ExxonMobil from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, April 21st. Eleven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $165.70.

ExxonMobil Stock Down 4.2%

NYSE XOM opened at $140.86 on Tuesday. The firm has a market cap of $583.84 billion, a PE ratio of 23.75, a price-to-earnings-growth ratio of 0.62 and a beta of 0.16. ExxonMobil has a one year low of $105.53 and a one year high of $176.41. The stock's 50 day simple moving average is $151.69 and its 200 day simple moving average is $142.73. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 0.77.

ExxonMobil (NYSE:XOM - Get Free Report) last released its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.18. The business had revenue of $83.16 billion for the quarter, compared to analyst estimates of $81.13 billion. ExxonMobil had a return on equity of 10.24% and a net margin of 7.57%.ExxonMobil's revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.76 EPS. As a group, sell-side analysts forecast that ExxonMobil will post 11.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Impact Partnership Wealth LLC boosted its position in shares of ExxonMobil by 0.6% in the 1st quarter. Impact Partnership Wealth LLC now owns 12,017 shares of the oil and gas company's stock worth $2,039,000 after purchasing an additional 67 shares during the last quarter. Cardinal Strategic Wealth Guidance boosted its position in shares of ExxonMobil by 1.9% in the 1st quarter. Cardinal Strategic Wealth Guidance now owns 3,720 shares of the oil and gas company's stock worth $631,000 after purchasing an additional 68 shares during the last quarter. Core Wealth Advisors Inc. raised its stake in ExxonMobil by 1.0% during the 1st quarter. Core Wealth Advisors Inc. now owns 6,805 shares of the oil and gas company's stock worth $1,155,000 after buying an additional 68 shares during the period. ICW Investment Advisors LLC raised its stake in ExxonMobil by 0.3% during the 4th quarter. ICW Investment Advisors LLC now owns 25,286 shares of the oil and gas company's stock worth $3,043,000 after buying an additional 69 shares during the period. Finally, Swisher Financial Concepts Inc. raised its stake in ExxonMobil by 0.3% during the 1st quarter. Swisher Financial Concepts Inc. now owns 27,402 shares of the oil and gas company's stock worth $4,649,000 after buying an additional 69 shares during the period. 61.80% of the stock is currently owned by institutional investors.

ExxonMobil News Roundup

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.

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