Followers | 679 |
Posts | 141062 |
Boards Moderated | 36 |
Alias Born | 03/10/2004 |
Tuesday, June 07, 2022 10:59:38 AM
By: Schaeffer's Investment Research | June 7, 2022
• Evercore ISI said XOM is still cheap despite its surge in 2022
• The equity's options pits are exploding with activity in response
Exxon Mobil Corporation (NYSE:XOM) stock is moving higher today, last seen up 3.1% to trade at $101.87 -- its highest level since August 2014 -- after Evercore ISI upgraded the stock to "outperform" from "in-line." The analyst also raised its price target to $120 from $88, calling the move a "valuation call" and saying the company's shares remain cheap despite surging in 2022 alongside crude markets around the globe.
Additional analysts are weighing in on XOM as well, with Credit Suisse issuing a $13 price-target hike to $115 and lifting its estimates for Exxon Mobil's 2022 operating earnings per share (EPS), citing rising natural gas prices and strength in refining earnings. Coming into today, the brokerage bunch was split on the equity, with six recommending a "buy" or better, while eight rated it a "hold" or worse, which leaves plenty of room for additional bull notes to roll in.
On the charts, Exxon stock has held steady near roughly eight-year highs, and sits nearly 65% higher year-to-date. This marks a healthy recovery from a late-April bear gap, spurred on by worries over China's renewed pandemic-related lockdown measures. Slightly longer term, XOM is on a six-month winning streak.
The security could also benefit from a shift in sentiment in the options pits, which lean bearish at the moment. Specifically, the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.21 sits higher than 99% of readings from the past year, pointing to a put-bias amongst short-term options traders. Echoing this, at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity sports a 50-day put/call volume ratio that stands in the 98th percentile of its annual range. In other words, options traders are picking up puts at a quicker-than-usual clip.
That shift could already be taking place. So far, 69,000 calls and 29,000 puts have been exchanged, which is double the intraday average. New positions are being opened at the two most popular contracts, the weekly 6/10 102- and 100-strike calls.
Options look like a good route to go for those wanting to speculate on Exxon stock's next move. The equity's Schaeffer's Volatility Index (SVI) of 32% ranks in the 30th percentile of readings from the past 12 months. This means short-term options are attractively priced right now, from a volatility standpoint. What's more, XOM has usually outperformed volatility expectations, per its Schaeffer's Volatility Scorecard (SVS) ranking of 96 out of 100.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent XOM News
- Vistra Set to Join S&P 500; Aaon to Join S&P MidCap 400; Marathon Digital Holdings to Join S&P SmallCap 600 • PR Newswire (US) • 05/03/2024 11:05:00 PM
- ExxonMobil Completes Acquisition of Pioneer Natural Resources • Business Wire • 05/03/2024 12:43:00 PM
- Tiny Firm With Big Plans Seeking to Revolutionize Oil & Gas Industry • AllPennyStocks.com • 04/29/2024 10:01:00 PM
- Exxon Mobil Net Profit Drops 28% to $8.22 Billion, Atlassian Surprises with Revenue Boost and Co-CEO Exit, and More in Earnings • IH Market News • 04/26/2024 11:47:51 AM
- U.S. Futures Climb in Pre-Market Trading Amid Tech Gains and Upcoming Inflation Data • IH Market News • 04/26/2024 11:47:25 AM
- ExxonMobil Announces First-Quarter 2024 Results • Business Wire • 04/26/2024 10:30:00 AM
- U.S. Stocks Climb Well Off Worst Levels But Close Mostly Lower • IH Market News • 04/25/2024 08:40:00 PM
- Futures Pointing To Extended Rebound On Wall Street • IH Market News • 04/23/2024 01:11:27 PM
- U.S. Stocks Close On Bright Note Despite Coming Off Day’s Highs • IH Market News • 04/22/2024 08:38:04 PM
- Nasdaq, S&P 500 Extend Losing Streaks On Tech Weakness But Dow Advances • IH Market News • 04/19/2024 08:32:14 PM
- ExxonMobil Makes Application to Cease to be a Reporting Issuer in Canada • Business Wire • 04/15/2024 10:26:00 PM
- ExxonMobil to Release First Quarter 2024 Financial Results • Business Wire • 04/12/2024 04:43:00 PM
- ExxonMobil Guyana moves forward with sixth offshore development • Business Wire • 04/12/2024 11:15:00 AM
- Paramount Global Board Shrinks, Morgan Stanley Faces Regulatory Probe, and More News • IH Market News • 04/12/2024 11:05:29 AM
- Exxon Mobil Forecasts Earnings Decline, Twilio Seeks Board Tenure Changes, and More News • IH Market News • 04/04/2024 11:30:20 AM
- Cal-Maine Surges on Strong Quarterly Performance, Taiwan Earthquake Disrupts Tech Supply Chain, and More • IH Market News • 04/03/2024 11:12:20 AM
- Double E Pipeline Announces Open Season for Available Capacity • PR Newswire (US) • 04/01/2024 09:00:00 PM
- Apple Pre-Market Drop Due to Antitrust Threats, Surprising Profit Boosts Micron Shares, and Latest Market Updates • IH Market News • 03/21/2024 11:17:26 AM
- Unilever Initiates Ice Cream Division Spin-Off and Announces Job Cuts; Berkshire Ramps Up Share Buyback Efforts, and More • IH Market News • 03/19/2024 11:33:10 AM
- Intel Loses Pentagon Funding, Shell Plans 20% Business Team Reduction, and Latest News • IH Market News • 03/13/2024 11:02:03 AM
- CNOOC Oil Field Discovery in South China Sea, Grifols Surges 18% After KPMG Approval, and Latest News • IH Market News • 03/08/2024 11:19:59 AM
- ExxonMobil to Speak at Morgan Stanley’s Energy & Power Conference • Business Wire • 03/05/2024 12:05:00 AM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 02/28/2024 04:44:18 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 04:20:12 PM
- Expedia Announces 1,500 Job Cuts; Hims & Hers Surges 19.8% Post Financial Results, and More News • IH Market News • 02/27/2024 11:15:07 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM