On Monday, Goldman Sachs reiterated a Neutral rating on ExxonMobil (NYSE:XOM) with a steady price target of $118.00. The firm's analysis followed a series of investor meetings with ExxonMobil's senior management at the company's headquarters on September 13, 2024.
The meetings included discussions with key ExxonMobil executives such as Senior Vice President Neil Chapman, Vice President and Treasurer Jim Chapman, Director of Investor Relations Marina Matselinskaya, and Manager of Investor Relations Katrina Masters.
The focus of the discussions was on ExxonMobil's upstream portfolio, highlighting the company's recent execution strength in Guyana and providing insights into the company's Permian Basin strategy post the acquisition of Pioneer. The executives also shared updates on ExxonMobil's approach to capital allocation, emphasizing the priority placed on shareholder returns.
Goldman Sachs' commentary on ExxonMobil came after a detailed review of the company's operational performance and strategic initiatives. The discussions at the headquarters gave investors a closer look at ExxonMobil's activities in key areas and the management's perspective on the current macroeconomic environment.
The maintained price target of $118.00 reflects Goldman Sachs' assessment of ExxonMobil's stock value based on the information shared during the investor meetings. The Neutral rating suggests that the firm views the stock as fairly valued at the current price level, considering the company's recent performance and future prospects as discussed by the ExxonMobil team.
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