Credit: Shutterstock photoOil giant Exxon Mobil Corporation ( XOM ) on Monday saw its price target lowered by analysts at The Benchmark Company.
The firm maintained its "Sell" rating on XOM and cut its price target from $74 to $64. That new target suggests an 8% downside to the stock's Friday closing price of $69.80.
A benchmark analyst commented, "We are raising our full year 2011 and 2012 earnings estimate for ExxonMobil to $8.12 and $6.92 per share, respectively for the two periods, versus $5.98 and $4.92 per share in place previously. The sizeable increases are driven by three factors, the most dominant of which is the upward revision in our Brent oil price assumptions for the two years to $108.00 and $95.00 per barrel, respectively for 2011 and 2012 (see our research note dated August 15)."
Exxon Mobil shares rose $1.47, or +2.1%, in premarket trading Monday.
The Bottom Line
Shares of Exxon Mobil ( XOM ) have a 2.69% dividend yield, based on Friday's closing stock price of $69.80. The stock has technical support in the $65-$68 price area. If the shares can firm up, we see overhead resistance around the $74-$75 price levels.
Exxon Mobil Corporation ( XOM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Created by Dividend.com
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.