Exxon Mobil Q3 Earnings Impress Analysts With Record Production, Dividend Hike
Shares of Exxon Mobil Corp (NYSE:XOM) climbed in early trading on Monday, after the company reported upbeat third-quarter earnings.
The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.
Truist Securities On Exxon Mobil
Analyst Neal Dingmann maintained a Hold rating and price target of $117.
Exxon Mobil reported its third-quarter earnings ahead of consensus estimates, with record production being driven primarily by the Permian, Dingmann said in a note. Although production was better than expected, capex spending was above consensus and pricing lower than estimates, “driven by gas realizations,” he added.
Margins at the company’s refinery business remained under pressure “due to continued strong supply and limited incremental demand for petroleum products,” the analyst wrote. He further stated that the company repurchased $5.5 billion in shares during the quarter, up from last quarter’s $5.3 billion, while raising its base dividend to 99 cents …
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