Exxon Mobil's Upstream Earnings Shine Despite Refining, Chemicals Margins Concerns
Portfolio Pulse from Anusuya Lahiri
Mizuho analyst Nitin Kumar reiterated a Buy rating on Exxon Mobil Corp (NYSE:XOM) with a price target of $139. Despite concerns over weak refining and chemicals margins, Exxon's upstream earnings have been strong. The company's 3Q23 earnings considerations showed an implied upstream earnings range of $5.7 billion - $6.3 billion, beating previous estimates. However, refining and chemicals earnings are expected to be weaker due to lower margins.
October 05, 2023 | 7:21 pm
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Exxon Mobil Corp's strong upstream earnings are expected to offset concerns over weak refining and chemicals margins. The company's shares traded lower by 2.27% at $108.97.
Despite concerns over weak refining and chemicals margins, Exxon Mobil Corp's strong upstream earnings have been highlighted by Mizuho analyst Nitin Kumar. This could potentially offset the negative impact of the weak margins on the company's stock. However, the company's shares traded lower by 2.27% at $108.97, indicating that the market may be reacting to the weak refining and chemicals margins.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100