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    Home ยป Exxon Mobil Corp’s Stock Bounces Back on Upgraded Rating
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    Exxon Mobil Corp’s Stock Bounces Back on Upgraded Rating

    November 17, 20232 Mins Read
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    Exxon Mobil Corp. (XOM) shares have seen a 0.9% increase in premarket trading on Friday following an upgrade by Gerdes Energy Research. The upgrade comes after a recent selloff in the stock, with Exxon’s shares plummeting 14.8% since reaching a record high of $120.20 on September 27. However, the stock managed to bounce back slightly on Friday.

    The decline in Exxon’s stock price aligns with the drop in crude oil futures, which have plunged 22.2% over the same period. Nevertheless, crude oil futures experienced a 1.2% increase on Friday.

    John Gerdes, an analyst at Gerdes Energy Research, raised his rating on Exxon from neutral to buy, citing the stock’s valuation after the recent decline. Despite the upgrade, Gerdes maintained his stock price target at $123, which still suggests a 20% potential upside from Thursday’s closing price.

    Some factors contributing to Gerdes’ optimistic outlook are Exxon’s expansion efforts in the Permian Basin through the acquisition of Pioneer Natural Resources Co. (PXD), as well as its operations in Guyana. These growth drivers have influenced Gerdes’ decision to shift back to a bullish stance.

    Year-to-date, Exxon Mobil Corp.’s stock has decreased by 7.1%, while the S&P 500 has shown a growth of 17.4%. Similarly, crude oil futures have experienced an 8.1% decline this year.

    This latest development indicates a potential turnaround for Exxon as it aims to regain its footing in the market.

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    Crude Oil Futures Exxon Mobil Corp Gerdes Energy Research Stock Rating
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