Goldman Sachs analyst Neil Mehta maintained a Hold rating on Exxon Mobil (XOM – Research Report) on May 2 and set a price target of $117.00.
Neil Mehta has given his Hold rating due to a combination of factors that reflect both strengths and challenges for Exxon Mobil. The company’s adjusted earnings per share were largely in line with expectations, and while certain segments like Refining & Marketing and Chemicals performed better than anticipated, overall production figures fell short of forecasts. This mixed performance suggests stability but not enough momentum for a more optimistic rating.
Additionally, Exxon Mobil’s focus on strategic priorities such as structural cost savings and project startups is promising, yet the cash flow was slightly below expectations. The company’s ongoing efforts to achieve significant cost reductions by 2030 and its commitment to major project startups are positive indicators, but the current financial metrics and production levels warrant a cautious approach. Therefore, Mehta’s Hold rating reflects a balanced view, acknowledging both the potential and the current limitations of Exxon Mobil’s performance.
Based on the recent corporate insider activity of 43 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.