Exxon Mobil (XOM) stock has risen by just over 6% in the last 30 days, signaling potential growth towards a value of $125 a share. The gas company’s shares are outperforming the Oils-Energy sector’s gain of 3.92%, and the S&P 500’s gain of 4.27%. It’s also set to unveil its Q2 earnings report this month, which can dictate where the stock moves next.
The investment community will be closely monitoring the performance of Exxon Mobil in its forthcoming earnings report. The company’s earnings per share (EPS) project to be $1.41, reflecting a 34.11% decrease from the same quarter last year. Additionally, Zacks Consensus Estimates are projecting earnings of $6.3 per share and revenue of $329.42 billion, which would represent changes of -19.13% and -5.77%, respectively, from the prior year.
On the other hand, Exxon Mobil (XOM) did take a hit this week. The U.S. Supreme Court declined to hear Exxon’s appeal challenging a $14.25 million civil penalty linked to air pollution violations at its massive Baytown refinery complex in Texas, per a Reuters report. With this decision, the largest penalty ever imposed in a citizen-led lawsuit under the Clean Air Act remains intact. However, the news hasn’t hit the shares of the gas company just yet, with XOM still up 1.4% on Monday.
Also Read: Can G7 Help Canada Bypass Russia To Become an Oil & Gas Superpower?
XOM is trading in the middle of its 52-week range and below its 200-day simple moving average. Most analysts forecast that Exxon’s stock is most likely to perform in line with market averages over the next 12 months. Furthermore, CNN surveyed 31 analysts on how to handle XOM shares, with 65% suggesting buying the stock and 32% opting to sell XOM shares now. They also project the stock to average around $125.00 over the next 12 months, reflecting a 14% climb. Alternatively, XOM could climb as high as 29% to $142 in the same period.