Exxon Mobil (XOM) stock took a beating on Wednesday alongside several analyst updates. The analyst updates follow the announcement of a ceasefire agreement between the U.S. and Iran that will reopen the Strait of Hormuz shipping route. With this change, the flow of oil from the Middle East will be restored, which has already resulted in falling oil prices.
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Here is what Wall Street’s top analysts have to say about Exxon Mobil stock in light of the ceasefire agreement.
- Five-star UBS analyst Manav Gupta reiterated a Buy rating and increased his price target to $171 from $145, representing a potential 4.33% upside for the shares.
- Five-star Bernstein analyst Bob Brackett maintained a Buy rating and a $195 price target, suggesting a possible 18.97% upside for the shares.
- Five-star Wells Fargo analyst Sam Margolin kept a Buy rating and a $183 price target, implying a potential 11.65% upside for the shares.
- Four-star Barclays analyst Betty Jiang assigned XOM stock a Buy rating and a $163 price target, representing a possible 0.56% downside for the shares.
Gupta highlighted Exxon Mobil’s strong position as a helium supplier in his recent coverage of the company. The company produces roughly one-fifth of the world’s helium at its LaBarge facility in Wyoming. Because the facility is in the U.S., it avoids the Middle-East disruptions caused by the war with Iran.
Exxon Mobil Stock Movement Today
Exxon Mobil stock was down 5.93% on Wednesday but was still up 28.98% year-to-date. The shares have also rallied 54.92% over the past 12 months.
XOM stock saw some 6.3 million shares change hands today, compared to a three-month average daily trading volume of about 24.34 million shares.
Is Exxon Mobil Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Exxon Mobil is Moderate Buy, based on 11 Buy, seven Hold, and a single Sell rating over the past three months. With that comes an average XOM stock price target of $160.95, representing a potential 4.64% upside for the shares.
