Exxon Mobil’s ‘stale’ EPS consensus will fall after update, says BofA

BofA analyst Doug Leggate updated estimates to reflect Exxon Mobil’s 8-K filing, which “suggests a wide range” for Q2 EPS of $1.53-$2.36 and a mid-point of $1.94. This screens 3% above the firm’s prior estimate of $1.88, but below consensus of $2.27. The firm’s prior estimate was the low on the Street, leading BofA to assume Street consensus is “stale” and that consensus will fall following the update. BofA maintains a Buy rating and $145 price target on Exxon Mobil shares.