EARN25

Record Profits Send Exxon Mobil Stock Toward More Fresh Highs

The stock is set to open at another record high

Digital Content Manager
Oct 28, 2022 at 9:14 AM
facebook X logo linkedin


The shares of Exxon Mobil Corp (NYSE:XOM) are up 1.9% at $109.60 this morning following the company's third-quarter earnings report. The oil giant posted record-setting profits of $4.45 per share for the quarter, blowing away analysts' estimates of $2.87 per share, while its revenue of $112.07 billion fell below expectations. The company cited rising natural gas prices and oil prices amid strong fuel demand as sources for the strong results. 

The security is set to open at yet another record high on the charts. The stock's October rally has been nothing short of impressive, with XOM up over 23% this month alone. The 10-day moving average has helped guide shares to their recent highs -- toppling the stock's former June peak last last week -- and now Exxon Mobil stock is up more than 75% this year. 

Analysts have yet to chime in, and though sentiment is mostly bullish there's still a few hold outs. Of the 14 in coverage, five still say "hold." Plus, the 12-month consensus price target of $109.88 is a slim 2.2% premium to last night's close. 

Short sellers were piling on ahead of the event, up 17.9% in the last reporting period. However, the 41.54 million shares sold short represent just 1% of the stock's available float. 

While calls are still outnumber puts on an overall basis, the latter have rarely been more popular. This is per the equity's 50-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 90% of readings from the past year. 

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!