Exxon Mobil Corporation (XOM)

[JohnSamuel]

02:49 PM EDT, 04/10/2018 (MT Newswires) -- Bank of America/Merrill Lynch has added Exxon Mobil (XOM) to its US 1 list, reiterating its buy rating and price target of $100, saying the recent decline is a great buying opportunity for the oil major backed by its financial strength and strong cash flow.

"Unlike CVX and its European super major peers, Exxon Mobil's cash flow covers dividends and a projected capital spending that underpins a growth outlook that is unprecedented amongst the large cap U.S. oils," Bofa analyst Doug Leggate said in a note.
"Our analysis suggests perceptions that higher spending delays a return of share buybacks are misguided, given capital efficiency of short cycle developments in the Permian and rapid cost recovery in Guyana that we believe remains substantially misunderstood."

Exxon replaced Hess (HES), which is kept at buy. Hess shares were 4.8% higher in late trade.

Price: 77.49, Change: +2.62, Percent Change: +3.50
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