XOM - Big Oil & Gas Names Chevron Hess Exxon Mobil Shares Up Today: What's Going On? | Benzinga
Bernstein analyst Bob Brackett revised the rating on several oil majors following their earnings release.
The analyst says the oil market is approaching late-cycle and recommends defensive U.S. integrated oil companies and expects diversified cash flow streams outside core oil & gas production to drive these companies to survive a downturn better than the pure E&P companies.
Brackett reiterated the rating on Exxon Mobil Corp (NYSE: XOM) at Outperform and lowered the price target to $139.00 from $140.00.
XOM reported Q3 FY23 adjusted net profit of $9.12 billion, or $2.27 per share, down from $18.682 billion, or $4.45 per share, a year earlier. Analyst estimates stand at $2.37.
The analyst sees the Pioneer Natural Resources Co (NYSE: PXD) acquisition as a grand sandbox for XOM engineers to deploy their current technology and garner synergies.
The analyst revised adjusted EPS estimates to $9.25 (from $9.01) for FY23 and $8.74 (from $9.44) for FY24.
The analyst raised the rating on Chevron Corp (NYSE: ...