Key Takeaways
- Brent crude oil surged more than 2% past the $90 per barrel mark on August 31 following US military action against Iranian rocket installations in the Strait of Hormuz
- ExxonMobil shares started trading at $156.88, approaching the $166.10 average analyst price target
- Second quarter 2026 earnings per share reached $3.52, more than doubling the $1.64 posted in the same period last year, though falling short of the $3.56 Street estimate
- On August 7, TD Cowen upgraded its XOM price target to $168 while maintaining a Buy recommendation
- The company announced a $1.03 quarterly dividend per share, yielding 2.6%, with payment scheduled for September 10
Shares of ExxonMobil (XOM) began trading at $156.88 on August 31, 2026, riding a wave of rising crude oil prices as Brent crude climbed back above the $90 per barrel threshold. The price movement came after the United States conducted military strikes targeting Iranian rocket launcher positions in the strategically critical Strait of Hormuz.
Oil benchmarks rallied over 2% during early market hours following confirmation of the US strikes on Iranian installations, with Tehran launching retaliatory attacks against American military facilities. Given that the Strait of Hormuz represents a critical chokepoint for global oil shipments, escalations in the region typically trigger swift reactions across energy sector equities.
This geopolitical escalation compounds an already complex operational environment for XOM. The company’s 28% stake in the Upper Zakum field in the Gulf experienced production cutbacks from March through May 2026 due to compromised export channels.
Second Quarter 2026 Results: Revenue Exceeds Expectations, Earnings Fall Short
ExxonMobil posted second quarter 2026 earnings per share of $3.52, falling $0.04 short of the $3.56 analyst consensus. However, quarterly revenue reached $114.53 billion, surpassing the anticipated $109.94 billion.
The year-over-year comparison reveals impressive growth. With Q2 2025 EPS at $1.64, the company successfully more than doubled its earnings per share over a twelve-month span.
Looking ahead to the upcoming earnings report, Wall Street analysts project EPS of $3.60, indicating expectations for continued solid operational performance.
The company recorded an 8.88% net profit margin alongside a 13.14% return on equity for the quarter.
Wall Street Price Targets and Shareholder Returns
On August 7, TD Cowen increased its XOM price objective to $168 from the previous $155, maintaining its Buy recommendation. Royal Bank of Canada holds a $180 target paired with a Sector Perform rating. Conversely, Bank of America shifted its stance in late July, downgrading from Buy to Neutral while simultaneously raising its target to $158.
The Street consensus currently stands at Hold, with a mean price target of $166.10. At the current opening price, shares are trading approximately $9 below this average projection.
Regarding shareholder distributions, ExxonMobil approved a $1.03 per share quarterly dividend, representing an annual payout of $4.12 and a 2.6% yield. Shareholders of record as of August 17 will receive payment on September 10.
The company maintains a conservative debt-to-equity ratio of 0.12, with shares trading between a 52-week range of $108.35 and $176.41. The company’s market capitalization totals $650.26 billion.
Van ECK Associates dramatically reduced its XOM holdings by 95.4% during the second quarter, divesting 3.79 million shares while retaining just 183,518 shares worth approximately $25.09 million. Institutional ownership of XOM stands at 61.8%.
Wall Street analysts currently forecast full-year earnings per share of $11.86 for ExxonMobil.
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