Connect with us

Business

Exxon Mobil Stock Sees Uptick Following Analyst Upgrades and Strategic Investments

Published

on

Exxon Mobil Stock Price Chart

Exxon Mobil Corporation (NYSE:XOM) has experienced a notable increase in its stock price in recent trading sessions, driven by several positive factors. On October 31, 2024, the stock rose 1.2% during mid-day trading after JPMorgan Chase & Co. raised their price target from $127.00 to $128.00.

In addition to the analyst upgrade, Exxon Mobil has been highlighted as the top energy stock recommended by hedge funds. According to a recent compilation, Exxon Mobil ranks first among the top 10 energy stocks favored by hedge funds, with 92 hedge fund investors holding positions in the company.

The company is also making significant strategic investments. Exxon Mobil plans to invest $10 billion in offshore oil projects in Nigeria, primarily focusing on the Owo project, a deep-water initiative expected to boost the company’s oil production by an additional 50,000 barrels per day. This investment aligns with Exxon Mobil’s strategy to expand its presence in Nigeria and collaborate with the Nigerian government to establish favorable fiscal conditions.

Federal regulators have also granted Exxon Mobil and Energy LNG a three-year extension to complete the Golden Pass LNG facility, which has been delayed due to the bankruptcy of the lead construction contractor, Zachry Holdings. This project, originally a gas-import terminal, is being converted to process gas for exports and is expected to be one of the largest LNG facilities in the United States.

In terms of financial performance, Exxon Mobil reported strong third-quarter results, with earnings per share (EPS) of $2.14, beating analysts’ consensus estimates of $2.04. The company’s revenue for the quarter was $93.06 billion, up 12.2% compared to the same quarter last year.

The company has also announced plans to repurchase over $19 billion of shares in 2024, reflecting its commitment to shareholder value. ExxonMobil has led the industry with a total shareholder return of 20% year-to-date.

Times News Global

Times News Global is a dynamic online news portal dedicated to providing comprehensive and up-to-date news coverage across various domains including politics, business, entertainment, sports, security, features, opinions, environment, education, technology and global. affairs. Our commitment lies in sharing news that is based on factual accuracy, credibility, verifiability, authority and depth of research. We pride ourselves on being a distinctive media organization, guided by the principles enshrined in Article 19 of the Universal Declaration of Human Rights. Made up of a team of ordinary people driven by an unwavering dedication to uncovering the truth, we publish news without bias or intimidation.

Recent Posts

X WhatsApp