Exxon Mobil Shares Slightly Lower On Barclays Downgrade

In a report published Friday morning, Barclays analyst Paul Cheng downgraded Exxon Mobil XOM from Equal-weight to Underweight, but raised the price target from $100 to $105.

The downgrade comes amid beliefs that the company will face near-term headwinds due to a lack of production growth and a prolonged period of high oil prices.