Exxon Mobil Corporation (XOM)

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Multiple Tailwinds Blowing for Exxon Mobil (XOM) Stock
By: Schaeffer's Investment Research | February 14, 2023

• The stock could rally once again entering March

• Upgrades could help boost the shares as well

The shares of Exxon Mobil Corp (NYSE:XOM) are fresh off a bullish outside day after the company's quarterly earnings report, and are enjoying tailwinds from Russia’s move to reduce oil output. The security staged a strong rally from October to November, and could do so again heading into March, especially since the pattern it has formed from November until now is comparable to what shares did from June to October, before they moved above their prior highs.



Though analysts are mostly bullish on Exxon Mobil stock, there is still room for upgrades. In fact, 13 of the 29 analysts in question still call the equity a tepid "hold" or worse. Meanwhile, short interest increased 16% in the first half of January, and shorts have already shifted into covering mode after the energy name's quarterly results.

What’s more, the equity was on TD Ameritrade’s client net seller list for five months in 2022. Our recommended call has a leverage ratio of 7.6, and will double in value on a 12% pop in the underlying shares.

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