Exxon Mobil shares jump to record intraday high, with Q3 earnings next week
Exxon Mobil (NYSE:XOM) +1.9% in Friday's trading, hitting a new all-time intraday high $106.16, as energy stocks (XLE) lead all S&P sectors on the day despite slightly lower crude oil prices.
The stock has gained 66% YTD, with a record-high close of $104.59 set on June 8; its market cap has reached $439B, making it the world's 10th most valuable publicly traded company.
Exxon (XOM) is expected to report another strong quarter when it discloses Q3 results on October 28, putting it on track for a record $54.8B annual profit this year, according to IBES Refinitiv.
The company's oil and gas production is well below record levels, however, averaging 3.7M boe/day at midyear, in line with last year but nearly 9% below 4.1M boe/day set in 2016.
Wall Street analysts forecast Exxon (XOM) will add $26B in cash flow this year; expecting the company will maintain strong free cash flow generation at least through 2027, analysts at Jefferies this week upgraded the stock to Buy.