- Goldman Sachs analyst Neil Mehta notes Exxon Mobil’s projections, indicating higher-than-expected earnings.
- Implied EPS for the quarter estimates at ~$2.15 vs. consensus closer to $2.06, showcasing positive outlook.
Goldman Sachs analyst Neil Mehta expressed views on Exxon Mobil Corp.’s signaling weak oil and gas prices to impact first-quarter FY24 results.The company anticipated that fluctuations in gas prices would negatively influence its first-quarter upstream results by between $(0.6) billion and $(0.2) billion. The analyst wrote that the implied Upstream earnings came in above estimates at ~$6.0 billion at the mid-point vs. estimate at ~$5.6 billion.
Also, Mehta said the implied Downstream earnings came in above GS estimates at the mid-point at ~$2.5 billion vs the estimate at ~$2.1 billion.Moreover, the implied Chemicals came in above estimates at the mid-point at ~$700 million vs. the estimate at ~$440 million, said the analyst.
Overall, the analyst said implied EPS for the quarter came at the mid-point at ~$2.15 vs. an estimate of $1.95, and FactSet consensus closer to $2.06.The analyst estimated revenue of $341 billion in 2024, $348 billion in 2025, and $355 billion in 2026.Investors can gain exposure to the stock via Energy Select Sector SPDR Fund and IShares U.S. Energy ETF Price Action: XOM shares are trading higher by 0.29% at $119.65 on the last check Thursday.
Source:https://www.benzinga.com