Analyst Cuts Price Target For Exxon Mobil Corporation (XOM)

Analyst William Featherston from UBS maintained a Neutral rating on Exxon Mobil Corporation (NYSE:XOM) with a cut price target of $86, marking a 3% decline from current levels. This came after the company’s second quarter earnings call. The analyst states that 2016 capex guidance is down 25% YoY, but “inferred spending would likely come in below budget due to market savings, efficiently gains, &commencing projects on time & on budget.” He also made no changes to 2016 production growth rate. Images of Skipjack have pointed to resource potential and there is a “strong case that the gas from recent InterOil acquisition in Papua New Guinea will ultimately go to its exist facility at PNG LNG.” Featherston lowered his 2016-17 EPS guidance from $2.79 to $2.38 because of “lower Upstream earnings for 2016 & Downstream earnings for 2017.”

According to TipRanks, Featherston has a success rate of 49% with an average loss of 1.9% per recommendation.

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