Tension in the Middle East and the ongoing conflict between Russia and Ukraine may lead investors to consider oversold oil stocks. Increased military actions, especially by Israel against Hamas and potential strikes on Iran, alongside Russia's military efforts in Ukraine, are likely to drive oil prices upward. Analysts at Scotiabank have raised their price target for Exxon Mobil (XOM) from $115 to $125 per share. Exxon Mobil, while facing potential earnings reductions from lower oil prices, maintains a strong balance sheet and a yield of 3.6%.
Analysts at Scotiabank have just raised their price target on the XOM stock by $10 to $125 per share, with a sector perform rating.
Fueling the upside, Exxon Mobil's shares have a yield of 3.6% and are just starting to turn higher again.
Tension in the Middle East and the ongoing Russia-Ukraine conflict could easily send oil prices and oversold oil names even higher.
Exxon Mobil has a strong balance sheet, which will continue to support the business and its healthy yield.
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