Goldman Sachs Reiterates Buy Rating on ExxonMobil (XOM) Following NDR

Goldman Sachs analyst Neil Mehta reiterated a Buy rating and $112.00 price target on ExxonMobil (NYSE: XOM) after hosting investor meetings with senior management in-person on September 21, 2022, where key participants included Mr. Darren Woods, Chairman and CEO; Ms. Kathy Mikells, SVP and CFO; and Mr. Jack Williams, SVP.

The analyst commented, "Discussions were largely focused on capital allocation, macro/cost commentary, portfolio outlook, as well as the broader approach to the energy transition. As we have previously discussed, we believe XOM offers differentiated Upstream projects (Guyana, LNG, Permian), a unique business transformation driving the company's FCF breakeven lower, as well as improving returns on capital employed, driving our Buy rating on the stock. We see ~27% total return to XOM vs the US Major peer average of ~15%."

For an analyst ratings summary and ratings history on ExxonMobil click here. For more ratings news on ExxonMobil click here.

Shares of ExxonMobil closed at $90.95 yesterday.

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