Exxon surges within a dollar of its all-time closing high as analysts jump in

Jun. 07, 2022 5:45 PM ETExxon Mobil Corporation (XOM)APA, VLO, COP, SLB, HAL, HP, RRC, AR, CLR, WTI, OIS, VST, NFG, CNX, LYB, MUR, OVV, PARR, STNG, NWPX, XLE, BTU, ARCH, METC, HCC, CRK, SM, OVV:CABy: Carl Surran, SA News Editor190 Comments

Exxon Posts 38 Percent Decline In Quarterly Profit

Spencer Platt/Getty Images News

Exxon Mobil (NYSE:XOM) closed +4.6% in Tuesday's trading to easily breach $100 and reach its highest level in eight years, closing less than a dollar from its all-time closing high of $104.38 set on June 23, 2014.

Exxon (XOM) enjoyed some Wall Street love from Evercore ISI, which upgraded the oil giant to Outperform and hiked its price target to $120 from $88, saying the shares remain cheap despite surging this year alongside crude oil markets.

Credit Suisse raised its price target to $115 from $102 and upped its estimates for full-year operating EPS, citing rising natural gas prices and strength in refining earnings.

Exxon (XOM) also is poised to win a stake in the expansion of the world's largest liquefied natural gas project offshore Qatar.

The stock was one of the day's top five gainers on the S&P 500, joining leader APA Corp. (APA) +5.8%, which posted a 52-week high, Valero (VLO) +4.6% and ConocoPhillips (COP) +4.5%, the latter two scoring all-time intraday highs.

Other energy-related names hitting 52-week intraday highs: (SLB), (HAL), (HP), (RRC), (AR), (CLR), (WTI), (OIS), (VST), (NFG), (CNX), (LYB), (MUR), (OVV), (PARR), (STNG), (NWPX)

Energy (XLE) was Tuesday's best-performing sector, +3.1% on the day and now up 65% YTD, as WTI July crude oil closed +0.8% to $119.41/bbl, the highest finish for a front-month contract since March 8.

Coal producers Peabody Energy (BTU), Arch Coal (ARCH), Warrior Met Coal (HCC) and Ramaco Resources (METC) all racked up monster gains after Jefferies analysts came out with a big bullish call on the group.

Recommended For You

Comments (190)

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.