Exxon Mobil (XOM) Price Target Lowered by $17 at TD Cowen. Here is Why

With an annual dividend yield of 3.01%, Exxon Mobil Corporation (NYSE:XOM) is included among the 14 Best Blue Chip Dividend Stocks to Buy According to Hedge Funds.

Exxon Mobil (XOM) Price Target Lowered by $17 at TD Cowen. Here is Why

Exxon Mobil Corporation (NYSE:XOM) is one of the largest integrated fuels, lubricants, and chemical companies in the world.

On July 2, TD Cowen trimmed its price target on Exxon Mobil Corporation (NYSE:XOM) from $172 to $155, but reiterated a ‘Buy’ rating on the shares. The lowered estimate, which still indicates an upside of 13% from the current levels, comes after the analyst firm revised its targets in the oil majors space as part of a Q2 earnings preview.

TD Cowen believes that the recent “rapid correction” in crude oil prices and equities following the signing of an MoU between the US and Iran has created “pockets of opportunity” in the sector. The firm said that it prefers Shell, Chevron, and TotalEnergies as we head into the Q2 earnings season.

Exxon Mobil Corporation (NYSE:XOM) has grown its annual dividend-per-share for 43 consecutive years and boasts a robust yield of 3.01% as of the writing of this piece, putting it among the 12 Best S&P 500 Stocks to Buy for Dividends.

While we acknowledge the risk and potential of XOM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than XOM and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 10 Energy Stocks with Highest Dividends and 12 Best NYSE Stocks to Buy for Dividends

Disclosure: None. Follow Insider Monkey on Google News.

1281292 - 11759070 - 1