Citi Raises Exxon Mobil (XOM) Price Target on Middle East-Driven Energy Repricing

Exxon Mobil Corporation’s (NYSE:XOM) is included among the 15 Best Consistent Dividend Stocks to Buy Right Now.

On April 2, Citi analyst Alastair Syme raised Exxon Mobil Corporation’s (NYSE:XOM) price recommendation to $175 from $150. It reiterated a Neutral rating on the shares. The firm pointed to the Middle East conflict as a key factor. It believes the situation could lower the cost of equity for oil and gas stocks, which in turn is pushing price targets higher across the sector. The analyst also said the war could drive “structural re-engagement” from investors back into energy, according to a research note. Citi highlighted TotalEnergies, ConocoPhillips, and BP as its top picks.

On March 30, Reuters reported that Golden Pass LNG, a joint venture between QatarEnergy and Exxon Mobil, produced its first liquefied natural gas at its Texas facility. It marks an important step toward bringing the large US export project online. The company expects to ship its first cargo in the second quarter. At the same time, global gas supplies have been tightening, as the war in the Middle East has disrupted output in Qatar, one of the world’s largest LNG suppliers.

QatarEnergy owns 70% of the project, while Exxon holds the remaining 30%. The first production unit, Train 1, will add 6 mtpa of LNG capacity. Based on that split, QatarEnergy will receive just over 4 mtpa, and Exxon just under 2 mtpa. Exxon said the milestone reflects steady progress toward full operations, along with its continued focus on safety.

Exxon Mobil Corporation (NYSE:XOM) remains one of the largest publicly traded energy companies in the world. It operates across the full chain, from exploration and production to refining and petrochemicals, while continuing to focus on improving efficiency and lowering costs.

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