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Exxon Mobil tops earnings estimates but falls short on revenue

5 February 2024 By Klavs Valters

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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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GO Markets offers pre-market and after-market trading on popular US Share CFDs.

Why trade during extended hours?

  • Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
  • Reduce your risk and hedge your existing positions ahead of a new trading day
  • Extended trading hours on popular US stocks means extended opportunities

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

Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice.