News & Analysis

Exxon Mobil tops earnings estimates but falls short on revenue

5 February 2024 By Klavs Valters


World’s second largest oil & gas company, Exxon Mobil Corporation (NYSE: XOM), announced results for the previous quarter before the market opened on Friday.

Exxon Mobil stated that the revenue reached $84.344 billion for the quarter, which was below analyst estimate of $90.032 billion.

Earnings per share was reported at $2.48 vs. $2.196 per share expected – beating Wall Street estimates for the first time since Q1 of 2023.

Company overview

  • Founded: 1882
  • Headquarters: Texas, United States
  • Number of employees: 62,300 (2022)
  • Industry: Energy
  • Key people: Darren Woods (chairman & CEO)

CEO commentary

”Our consistent strategy and execution excellence across the business delivered industry-leading earnings and enabled us to return more cash to shareholders than our peers in 2023 1,” Darren Woods, CEO of Exxon said in a press release to investors.

”These results demonstrate the fundamental improvements we’ve made to our business, reflecting our progress in high-grading our portfolio through investments in advantaged projects and select divestments, while, at the same time, driving a higher level of efficiency and effectiveness throughout the business. The foundation of our success comes from the resiliency, hard work and commitment of our people. As I reflect on our industry-leading results over the past year, I have a great sense of pride in what our people accomplished,” Woods concluded.

Stock reaction

There stock was up by just under 1% during the trading day on Friday, trading at around $103.38 a share.

Stock performance

  • 5 day: +0.29%
  • 1 month: +0.65%
  • 3 months: -4.16%
  • Year-to-date: +3.32%
  • 1 year: -7.70%

Exxon Mobil stock price targets

  • TD Cowen: $115
  • UBS Group: $132
  • Redburn Atlantic: $119
  • Mizuho: $117
  • JP Morgan Chase & Co.: $127
  • Royal Bank of Canada: $120
  • Sandford C. Bernstein: $140
  • Truist Financial: $131
  • Jefferies Financial Group: $145
  • Morgan Stanley: $134
  • Bank of America: $150
  • Wells Fargo & Company: $130
  • Redburn Partners: $105
  • HSBC: $116
  • Piper Sandler: $127

Exxon Mobil Corporation is the 20th largest company in the world with a market cap of $412.82 billion, according to CompaniesMarketCap.

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Why trade during extended hours?

  • Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
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  • Extended trading hours on popular US stocks means extended opportunities

Sources: Exxon Mobil Corporation, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

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