Exxon Mobil Corporation (NYSE: XOM) shares have advanced more than 10% since the beginning of 2022 year, and the current share price stands at $68.
Exxon Mobil will report fourth-quarter earnings results on February 01, and according to Credit Suisse, the company should post strong results largely due to higher oil and gas prices.
Credit Suisse has a positive view
Exxon Mobil shares are advancing last several days as the rise in oil price keeps investors in a positive mood.
The Organization of the Petroleum Exporting Countries expects that the oil demand should increase this year to levels seen before the pandemic.
OPEC+ confirmed plans to increase oil supplies by 400K bbl/day from February 2022, and the future performance of oil prices is likely to depend on OPEC decisions.
According to Credit Suisse, Exxon Mobil should post strong fourth-quarter earnings results largely due to higher oil and gas prices.
Credit Suisse analyst Manav Gupta said that higher oil and gas prices could have increased the company’s earnings by as much as $1.9 billion compared with the third quarter.
Credit Suisse analyst also said that he expects a net income of approximately $8.25 billion, or $1.93 per share from Exxon Mobil, for the fourth quarter.
Wells Fargo analyst Roger Read sees another year of outperformance for the oil and gas companies, and Exxon Mobil remains one of the top picks.
Exxon’s stability in a variety of market conditions has revealed its true staying power while CEO Darren Woods added:
Exxon Mobil has regained confidence it will deliver a target to double earnings and cash flow from operations by 2025 from a 2017 baseline. We are back on
