Exxon Mobil Corporation (NYSE: XOM) is one of the top-performing oil giants that gained 1.2% to close at $104.59 on Wednesday, surpassing its prior closing high in eight years. The stock has jumped 68.12% so far this year.
After struggling for years and thereafter being negatively impacted by the pandemic, energy stocks turned triumphant this year with a jump in crude prices. The Russia-Ukraine conflict gave a boost to oil companies’ businesses. Positively, Brent crude surged by more than 50% in 2022 and surpassed $100 per barrel for the first time since 2014.
Interestingly, the energy sector is the top-performing sector in the S&P 500 (SPX) so far, up 65% year-to-date in 2022.
Wall Street’s Take
Recently, Goldman Sachs analyst Neil Mehta maintained a Buy rating on the stock and lifted the price target to $117 (11.87% upside potential) from $104.
The rest of the Street is cautiously optimistic about the stock, which has a Moderate Buy consensus rating based on 10 Buys and seven Holds. The average ExxonMobil price target of $101.57 implies 2.89% downside potential from current levels.
Additionally, ExxonMobil scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
Investors Remain Positive
TipRanks’ Stock Investors tool shows that investors currently have a Positive stance on ExxonMobil, with 1.6% of investors maintaining portfolios on TipRanks increasing their exposure to XOM stock over the past 30 days. Furthermore, 0.3% of these individuals have increased their holdings in the recent week.
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