Shares of Exxon Mobil Corp
The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.
Truist Securities On Exxon Mobil
Analyst Neal Dingmann maintained a Hold rating and price target of $117.
Exxon Mobil reported its third-quarter earnings ahead of consensus estimates, with record production being driven primarily by the Permian, Dingmann said in a note. Although production was better than expected, capex spending was above consensus and pricing lower than estimates, "driven by gas realizations," he added.
Margins at the company's refinery business remained under pressure "due to continued strong supply and limited incremental demand for petroleum products," the analyst wrote. He further stated that the company repurchased $5.5 billion in shares during the quarter, up from last quarter's $5.3 billion, while raising its base dividend to 99 cents per share.
RBC Capital Markets On Exxon Mobil
Analyst Biraj Borkhataria reiterated a Sector Perform rating and price target of $120.
Exxon Mobil reported earnings of $1.92 per share, topping consensus of $1.87 per share, "although expectations had fallen over the past month as estimates were marked-to-market for weaker macro conditions," Borkhataria said. Results from Energy products surprised to the upside, "helped by timing effects," he added.
The analyst stated, however, that concerns remain around weak demand for refined products globally, which could weigh on earnings into 2025. "Given trends elsewhere in the market, we certainly see the possibility for cash capex to take a step up over the medium term as XOM prosecutes growth across the upstream, downstream and on the low carbon front over the next few years," he further wrote.
Scotiabank On Exxon Mobil
Analyst Paul Cheng reaffirmed a Sector Outperform rating and price target of $145.
Exxon Mobil reported earnings and cash flows of $1.92 per share and $3.41 per share, beating consensus of $1.87 and $3.36, respectively, Cheng said. While Upstream and Chemicals delivered an in-line performance, Energy Products generated $0.3 billion more and Specialty Products $0.1 billion below the midpoint of estimates, he added.
Seasonal scheduled maintenance is expected to adversely impact upstream volumes by 30 mboe/d (thousand barrels of oil equivalent per day) in the fourth quarter, the analyst stated. The company's capex is estimated to reach $28 billion in 2024.
XOM Price Action: Shares of Exxon Mobil were up 3% to $118.60 at the time of publication on Monday.
