- Exxon Mobil (XOM +0.4%) is a bit higher after a Barclays (LON:BARC) upgrade to Overweight from Equal Weight with a $94 price target, citing the stock's recent underperformance vs. peers and the company's "leading near-term position" in the low commodity price environment.
- "The high-$70s to low-$80s recent share price range reflects a durable support level from a fundamental and technical perspective," Barclays says.
- Looking at XOM's share price vs. net asset value, Barclays believes the stock is at its cheapest relative position to its peer group since the oil price downturn began in 2014.
- The firm also notes that XOM's current dividend yield is more than 1.8x above the S&P 500's yield, which happened only in ~5% of trading days during the past 26 years; during these occurrences, it says XOM and the energy sector outperformed the S&P by "escalating magnitudes" over the next one-, three- and 12-month periods.
- Now read: Exxon Mobil: Growing Dividends Mask A Shrinking Business
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