Exxon's Q3 Earnings

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Exxon Mobil Corporation {{ m-tag option="price" ticker="XOM" currency="USD" }} recently released preliminary estimates for its Q3 2023 earnings, indicating a sequential growth due to higher oil and gas prices. However, the earnings are expected to be lower compared to the same period last year, when energy prices spiked due to geopolitical tensions.

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Key Metrics, Stock Performance and Market Sentiment

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Exxon's revenue stands at $81.53 billion, marking a 27.20% YoY decline. The company's net income is $7.88 billion, down 55.85% YoY. The earnings per share (EPS) have also seen a significant drop, currently at $1.94, down 53.14% YoY. On the stock front, Exxon is currently trading at $109.83, with a market capitalization of $440.03 billion. Despite the mixed financial performance, analysts have a generally positive outlook on the stock. Morgan Stanley recently increased its price target for Exxon to $134 from $131.

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Analysts' Take: Buy, Sell, or Hold?

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Wall Street has a Moderate Buy consensus rating on Exxon stock based on nine Buys and eight Holds. The average price target of $125.80 implies about a 13% upside potential.

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Conclusion

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Exxon's Q3 2023 earnings are expected to rise sequentially but are still down YoY. Despite the mixed financial performance, analysts have a generally positive outlook on the stock, indicating its resilience amid market volatility.

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