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Exxon needs to raise its dividend to boost stock, Wells Fargo says

Aug. 21, 2017 6:58 PM ETExxon Mobil Corporation (XOM) StockXOMBy: Carl Surran, SA News Editor48 Comments
  • Exxon Mobil (NYSE:XOM) needs to raise its dividend to lift the stock in any meaningful way, as a bigger payout would signal to the market that “lower for longer” oil prices are no longer restraining cash returns, Wells Fargo analysts say.
  • In an analyst lunch last Thursday, XOM CEO Darren Woods offered no surprises: Its top near-term concern is that OPEC’s production cuts are helping support the current oil price, but while commodity prices will fluctuate, XOM's discipline to high-grade its projects across its segments reduces the risk of misallocated capital.
  • Wells maintains its Market Perform rating and $82 price target on the stock, as there is much to like about XOM but "the near-term drivers of valuation remain neutral based on our outlook, estimates and forecasts."

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