In a report released today, Devin McDermott from Morgan Stanley maintained a Buy rating on Exxon Mobil, with a price target of $135.00.
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Devin McDermott has given his Buy rating due to a combination of factors influencing Exxon Mobil’s performance and outlook. The company’s third-quarter earnings per share were in line with expectations, reflecting strong operational execution. Exxon Mobil has successfully brought eight out of ten key growth projects online, with the remaining two on schedule, which is expected to drive significant earnings growth by 2026.
Additionally, Exxon Mobil’s capital expenditure guidance has been adjusted to reflect lower spending, particularly in low carbon initiatives due to policy changes, while maintaining its production outlook. The company’s strategic project execution, particularly in the Permian Basin, and its integrated value chain position it well for future growth. These factors, along with the unchanged price target, support the Buy rating.
In another report released today, Evercore ISI also assigned a Buy rating to the stock with a $120.00 price target.
Based on the recent corporate insider activity of 40 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of XOM in relation to earlier this year.