Oil and gas major ExxonMobil Corporation (XOM) recently announced that its subsidiary, ExxonMobil Chemical Company, has acquired Materia, Inc., a high-performance structural materials company. The financial terms of the deal have not been disclosed so far.
Following the news, shares of the company gained 1.1% to close at $62.31 on Tuesday.
Both companies have been working together since 2017 and this move could enable the production of longer and more durable wind turbine blades for more efficient renewable energy generation.
Exxon Mobil Price Target
Recently, Goldman Sachs analyst Neil Mehta reiterated a Buy rating on the stock with a price target of $71, which implies upside potential of 14% from current levels.
Consensus among analysts is a Hold based on 6 Buys, 6 Holds and 3 Sells. The average ExxonMobil price target of $70.47 implies upside potential of 14.4% from current levels.
Exxon Mobil scores a 9 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained about 47.4% over the past year.