This post was originally published on this site
https://i-invdn-com.investing.com/news/LYNXMPECAE1PE_M.jpg
Wells Fargo’s price target for Exxon Mobil (NYSE:XOM) Corporation was raised to $116 from $109, with its Overweight rating maintained on Friday.
Analysts made quarter-end adjustments, also raising estimates for the oil and gas company.
“We raise our Q3 2022 EPS/cash flow estimates on stronger performance from the upstream, energy products and specialties segments partially offset by weaker chemicals performance,” they wrote. “Our new/old EPS estimates for 2022, 2023 and 2024 are $12.79/$12.50, $8.99/$8.57 and $8.15/$7.48.”
They said his firm remains in the minority view among Exxon’s sell-side coverage with their Overweight rating.
“Despite the company’s pledge to return approximately $30bn via share repurchases and a nearly equivalent amount via dividends in 2022 and 2023, skepticism seems to remain,” added the analysts. “Given our 2023E and 2024E EPS estimates are in line with and below consensus, respectively, it appears the market remains in a ‘show me’ state of mind.”
However, they feel a more extensive track record of demonstrating cash returns and operational execution might be required to change minds.
