Exxon Mobil also manufactures and markets commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics, and specialty products. It also transports and sells crude oil, natural gas, and petroleum products.
Top Wall Street analysts expect the company to remain a key beneficiary in a higher oil price environment, and most remain very positive around the company’s sharp positive inflection in capital allocation strategy, upstream portfolio, and leverage to a further demand recovery, with ExxonMobil offering greater downstream/chemicals exposure relative to peers.
The top U.S. oil producer reported a per-share profit of $4.68, exceeding Wall Street’s $3.89 consensus view, on a huge jump in natural-gas earnings, continued high oil prices, and strong fuel sales.
The company pays investors a solid 3.28% dividend, which will continue to be defended. Jefferies has a Buy rating and a $133 price target for the stock. The Wall Street consensus is set much lower at $116.58. Exxon closed trading Tuesday at $114.18 up almost 3%.
Over the last year Berkshire Hathaway has been buying the shares of the company in a big way. Occidental Petroleum (NYSE: OXY) together with its subsidiaries is engaged in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. It operates through three segments: oil and gas, chemical, and midstream and marketing.
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