Merrill Lynch Believes Exxon Mobil (XOM) Still Has Room to Grow

In a report released yesterday, Doug Leggate from Merrill Lynch maintained a Buy rating on Exxon Mobil (XOM), with a price target of $90.00. The company’s shares closed last Tuesday at $63.77, close to its 52-week high of $64.02.

According to, Leggate is a 4-star analyst with an average return of 6.4% and a 52.1% success rate. Leggate covers the Utilities sector, focusing on stocks such as Occidental Petroleum, Southwestern Energy, and Marathon Petroleum.

Currently, the analyst consensus on Exxon Mobil is a Moderate Buy with an average price target of $68.45, a 9.6% upside from current levels. In a report issued on June 1, Wells Fargo also maintained a Buy rating on the stock with a $67.00 price target.

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Based on Exxon Mobil’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $57.55 billion and net profit of $2.73 billion. In comparison, last year the company earned revenue of $55.13 billion and had a GAAP net loss of $610 million.

Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of XOM in relation to earlier this year.

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Exxon Mobil Corp. engages in the exploration, development, and distribution of oil, gas, and petroleum products. It operates through the following segments: Upstream, Downstream and Chemical. The Upstream segment produces crude oil and natural gas. The Downstream segment manufactures and trades petroleum products. The Chemical segment offers petrochemicals. The company was founded by John D. Rockefeller in 1882 and is headquartered in Irving, TX.

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