Exxon Mobil Corporation (NYSE:XOM) is included among the 12 Best Large-Cap Energy Stocks to Buy Now.
Exxon Mobil Corporation (NYSE:XOM) is one of the world’s largest integrated fuels, lubricants and chemicals companies.
Exxon Mobil Corporation (NYSE:XOM) received a boost on March 12 when Piper Sandler raised her price target on the stock from $145 to $186, while maintaining an “overweight” rating on the stock. The revised target indicates an upside potential of around 19% from the current share price.
Piper Sandler raised its estimates due to a $5 per barrel increase in its mid-cycle WTI price forecast, driven by supply disruptions due to the US-Iran war. The war has led Tehran to effectively close the Strait of Hormuz, through which about 20% of the world’s crude oil and LNG supply passes. The outages have sent crude oil prices soaring to multi-year highs, with WTI crude oil futures trading just below the $100 per barrel mark at the time of writing.
While the duration of these disruptions remains uncertain, Piper hopes they will leave a lasting impact. As a result, the firm’s commodity macro team forecasts 2026 crude oil stocks will decline by approximately 2 Mb/d compared to previous expectations. The analyst firm expects the shortage of supply, along with high prices, to drive a rebound in future investments to increase production.
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