Shares of ExxonMobil (NYSE: XOM) fell in pre-market trading on Tuesday even as the oil and gas giant reported adjusted earnings in the fourth quarter of $3.40, which beat analysts’ consensus estimate of $3.29 per share.
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Revenues came in at $95.43 billion, up by 12.3% year-over-year and surpassing Street expectations by $5.2 billion. Moreover, XOM declared a quarterly dividend of $0.91 per share payable on March 10 to shareholders on record as of February 14, in line with its prior dividend.
In addition, XOM also “increased and extended its share repurchase program with up to $35 billion of cumulative share repurchases in 2023-2024.”
More encouragingly, ExxonMobil’s Guyana and Permian production increased year-over-year by more than 30%.
Overall, Wall Street has a consensus price target of $122.60 on XOM stock, implying 7.9% upside potential, as indicated by the graphic above. Analysts are cautiously optimistic about XOM with a Moderate Buy consensus rating based on eight Buys, seven Holds, and one Sell.