These Analysts Boost Their Forecasts On ExxonMobil After Upbeat Q3 Results

Benzinga Earnings00:36

ExxonMobil Holdings Corporation (NYSE:XOM) on Friday reported better-than-expected third-quarter earnings and revenue.

ExxonMobil reported third-quarter adjusted earnings of $4.23 per share, beating analysts’ consensus estimate of $4.08. Revenue reached $113.16 billion, topping Wall Street’s estimate of $103.10 billion.

“In the third quarter, we continued to rise to the challenge of meeting global energy needs, drawing on unmatched scale, integration, and technical capabilities,” said Darren Woods, ExxonMobil chairman and chief executive officer. “We’re increasing production while improving efficiency – the result of years of consistent and disciplined investment and execution excellence. On the U.S. Gulf Coast, investments such as our Beaumont refinery expansion have contributed to an increase in our distillate production by approximately 40% since 2019.”

ExxonMobil shares fell 2.9% to trade at $181.80 on Monday.

These analysts made changes to their price targets on ExxonMobil following earnings announcement.

  • Wells Fargo analyst Sam Margolin maintained the stock with an Equal-Weight rating and raised the price target from $182 to $189.
  • Evercore ISI Group analyst Stephen Richardson maintained the stock with an Outperform rating and raised the price target from $185 to $200.

Considering buying XOM stock? Here’s what analysts think:

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