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Exxon Mobil Corporation (NYSE:XOM) is poised to benefit as oil demand recovers to pre-COVID-19 levels in the coming years, and the risks are already priced into the stock, according to Goldman Sachs.
The Exxon Mobil Analyst: Neil Mehta upgraded Exxon Mobil from Neutral to Buy and raised the price target from $42 to $52.
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The Exxon Mobil Thesis: The company’s capital spending outlook has been meaningfully reduced from $30-$35 billion to $17-$19 billion in 2021 and $20-$25 billion from 2022 through 2025, Mehta said in the upgrade note.
“Relative to peers focusing on harvesting FCF generation, XOM has been more focused on growth investments across its Upstream, Refining and Chemicals businesses,” the analyst said.
Goldman sees “value in the company’s growth assets, including in Guyana and Chemicals,” and its variable dividend strategy “has potential to be well-received by the market,” he said.
Following years of underperformance, Exxon Mobil’s stock now has a “more attractive valuation,” Mehta said.
XOM Price Action: Shares of Exxon Mobil were up 0.7% at $43.34 at last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.