TD Cowen raises Exxon Mobil sale price – 11/19/2024 at 4:33 p.m.

((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))

November 19 – **TD Cowen increases price target on US oil major Exxon Mobil XOM.N from $127 to $132

**The new target represents a 10% increase from the stock’s last close

**Some are concerned that XOM will increase its spending and production in the Permian region, although a decreasing number of drilling rigs suggests limited risk,” the brokerage says

**Broker expects the combined spending of Exxon and Pioneer Natural Resources (PXD) to be flat or down compared to the spending of the individual companies; he says the combined entity should still meet its production targets

** The company says the break-even oil price will continue to fall, allowing it to extend its $20 billion annual share buyback program through the end of the decade

** Brokerage forecasts cash flow forecast to increase from $30 billion to $43 billion between 2019 and 2027, with an additional $6 billion increase expected through 2030

**Capital forecast expected to increase by $6 billion, $1 billion more than implied by additional spending on recent PXD acquisition – TD Cowen adds

**Seventeen of 29 brokerage firms rate the stock at “buy” or higher, 11 at “hold” and 1 at “sell”; their median forecast is $132 – LSEG

** Taking into account the session’s movements, the stock is up 21% year to date