Exxon (NYSE:XOM) stock could see a major rise in the coming months with price predictions for crude oil increasing due to the war between Russia and Ukraine.
The rising price of crude oil means that consumers are going to face higher prices for fuel. However, that also means better earnings for suppliers in that sector. That’s the idea behind XOM stock price predictions lately.
Keeping that in mind, let’s take a look at what investors can expect from XOM stock in the coming months.
XOM Stock Price Predictions
First off, let’s note that the analyst consensus price target for XOM stock is sitting at $85. That’s a potential 5.2% upside for the stock and is based on ratings from 25 analysts. If we look at the highest estimate, it places XOM shares at $110 each, which is a possible 36.1% increase.
Diving into recent analyst coverage, BMO Capital reiterated its “market perform” rating for XOM today and increased its price target to $86 per share. That has it expecting a 6.8 jump from the stock’s closing price on Wednesday.
Citigroup also updated its stance on XOM stock today as it continues to hold a “neutral” rating for the shares but increased its price target to $80 each. That’s less than 1% lower than the last closing price for oil company’s shares.
Moving on to daily trading activity, XOM stock has seen some 14 million shares trade as of Thursday afternoon. That’s still below the company’s daily average trading volume of about 27.9 million shares.
XOM stock is up slightly as of Thursday afternoon.
There’s more stock market news that investors will want to know about below!
InvestorPlace houses all the latest stock coverage that traders need to know about for Thursday. Among that is what’s happening with Rivian (NASDAQ:RIVN) stock, how the oil boom is affecting Indonesia Energy Corp. (NYSEAMERICAN:INDO) shares, as well as what has Hexo (NASDAQ:HEXO) stock heating up today. You can find all of this information at the following links!
More Thursday Stock Market News
- Rivian Stock Chatter: What RIVN Investors Are Saying After Yesterday’s Crash
- INDO Stock Alert: What Is Going on With Little-Known Indonesia Energy Today?
- HEXO, TLRY Stocks: 8 Things to Know About the New Deal Linking Hexo and Tilray
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
