Oil giants Exxon Mobil (XOM) and Chevron (CVX) are scheduled to announce their results for the first quarter of Fiscal 2026 tomorrow, May 1. XOM stock has surged almost 30% in the year-to-date, with CVX 27% higher. They have both been boosted by the huge hike in oil prices to nearly $120 a barrel since the outbreak of the Iran war in late February.
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What Wall Street Expects
Wall Street analysts expect XOM to post revenues of $81.13 billion, up marginally on the $80.7 billion it recorded in the same period last year, according to data from the TipRanks forecast page. Its earnings per share is expected to come in at $0.98, down on the $1.76 it reported this time last year.
Wall Street analysts expect CVX to post revenues of $51.86 billion, ahead of the around $45 billion it reported in the same period last year. Its EPS is expected to come in at $0.97, down from $2.18 in the same quarter last year.
Analysts’ Views on XOM and CVX Ahead of Q1 Results
BNP Paribas analyst Lucas Herrmann recently upgraded Chevron to Outperform from Neutral with a $174 price target. He said that “collapsing” oil and product inventories amid the Iran war will bring an extended oil upside price cycle. He believes that oil prices will be lifted in the coming years by increased security concerns after the war, OPEC needing to recoup revenue, and limited growth on non-OPEC supply. BNP expects the major oil producers like Chevron and Exxon to benefit from increased cash flow due to higher crude prices.
However, Doug Leggate, analyst at Wolfe Research, recently downgraded Exxon Mobil to Peer Perform from Outperform without a price target. He cited valuation for the downgrade following the stock’s strong share performance. Absent higher oil price assumptions, Exxon’s recent performance has left the shares fully valued, the analyst said. He believes the share price outlook from here “is more likely as a proxy for sector exposure.”
What are the Best Oil Stocks to Buy Now?
We have rounded up the best oil stocks to buy now using our TipRanks Comparison Tool. As can be seen below, ConocoPhillips (COP) has the best upside of 10.94%.
