Key Highlights
- Shares gained approximately 1.5% Wednesday, reaching $153.52, marking a 27.9% year-to-date advance
- Second-quarter financial results scheduled for release Friday, July 31
- Upstream segment earnings anticipated to rise $3.5B–$3.9B versus first quarter due to elevated liquids pricing
- Street consensus projects Q2 EPS of $3.76, a significant increase from $1.64 year-over-year; sales expected at $101B
- Buy rating consensus among analysts with mean price objective of $170.59
Shares of ExxonMobil (XOM) advanced approximately 1.5% during Wednesday’s session, closing at $153.52. The energy giant’s performance contrasted sharply with broader market weakness, as S&P 500 futures declined roughly 0.3%.
With a year-to-date gain of 27.9%, market participants are now turning their attention toward the upcoming quarterly financial disclosure.
The oil and gas major announced Tuesday that it plans to unveil its second-quarter 2026 financial performance on Friday, July 31.
Analyst estimates call for earnings per share of $3.76 in Q2, representing substantial growth from the $1.64 reported in the comparable period last year. Top-line revenue is anticipated to reach $101 billion, versus $81.51 billion in the prior-year quarter.
According to a recent regulatory filing, ExxonMobil indicated that improved liquids pricing should drive upstream segment earnings higher by $3.5 billion to $3.9 billion compared to first-quarter results. Additionally, the Chemical Products division is projected to contribute $1.0 billion to $1.2 billion in sequential earnings growth.
Natural gas pricing fluctuations are anticipated to have minimal impact, with effects ranging from a negative $0.2 billion to a positive $0.2 billion.
However, the company noted one significant headwind. Conflict-related operational disruptions are projected to reduce upstream earnings by $0.6 billion to $0.8 billion, while Energy Products segment earnings could decline by $0.2 billion to $0.4 billion.
Chart Setup Shows Positive Momentum
The stock is currently testing descending trendline resistance within a falling wedge formation. A breakout above this level would simultaneously move XOM above its 100-day moving average for the first time since early June.
The Relative Strength Index hovers around 69, approaching overbought conditions. The MACD indicator displays a bullish crossover signal, while the 10-day rate of change registers at 8.8%. The stock currently trades approximately 8.7% above its 20-day moving average of $141.00 and 11.5% beyond its 200-day moving average of $137.44.
Critical resistance is located at $155.50. The nearest support level sits at $144.50.
Wall Street Outlook and Price Objectives
Analyst sentiment reflects a consensus Buy recommendation. Recent activity shows several firms adjusting price targets while maintaining their overall ratings.
On July 9, Mizuho retained its Neutral stance while reducing its target to $170. TD Cowen reaffirmed its Buy rating on July 2 but lowered its objective to $155. Morgan Stanley kept its Overweight rating on June 29 with a revised target of $168.
The Street’s average price target stands at $170.59, representing approximately 11% upside from current trading levels.
ExxonMobil delivered production of 3.3 million barrels of liquids daily during 2025, complemented by 8.4 billion cubic feet of natural gas per day. The company reported proved reserves of 19.3 billion barrels of oil equivalent as of year-end 2025.
Current valuation metrics show the stock trading at approximately 25.5 times earnings.
Among exchange-traded funds, XOM represents a significant position in the iShares Core High Dividend ETF (HDV) at 7.17%, the First Trust Morningstar Dividend Leaders Index Fund (FDL) at 9.98%, and the SPDR S&P North American Natural Resources ETF (NANR) at 9.11%.
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