Argus Hikes Exxon Mobil Price Target to $169 as Permian, Guyana Production Power 2026

Argus expert Bill Selesky raised his terms people connected Exxon Mobil (NYSE:XOM) banal to $169 from $166, maintaining a Buy standing aft the integrated large posted a Q1 2026 net beat. The steadfast pointed to expected higher accumulation rates successful 2026 from some Permian and Guyana assets arsenic the centerpiece of its bullish thesis.

The terms people raised by Argus besides coincided with a 30 cent summation to the firm's 2026 EPS view, present $7.91. For semipermanent holders of Exxon Mobil shares, the connection is that low-cost barrels from 2 flagship basins are progressively driving the net algorithm.

XOM banal closed astatine $148.69 connected May 6. The banal is up astir 20% twelvemonth to day contempt a 12% pullback implicit the past month.

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The Analyst's Case

Argus highlights that Exxon's Q1 2026 bushed came contempt 3 meaningful headwinds: little volumes from Middle East impacts, operations disruptions successful Kazakhstan, and U.S. Winter Storm Fern, positive higher depreciation. Reported adjusted EPS of $1.16 topped the $1.01 consensus, the 4th consecutive 4th beating estimates.

The bull lawsuit for Exxon Mobil banal rests connected advantaged barrels. Permian accumulation deed a grounds 1.8 cardinal boed successful Q4 2025, portion Guyana topped 900,000 gross bpd, with Yellowtail starting up 4 months up of schedule.

Company Snapshot

Exxon Mobil is simply a planetary integrated vigor large with a marketplace headdress adjacent $603 billion, a P/E ratio of 21x, and a dividend output astir 2.8%. The institution leads the Stabroek consortium offshore Guyana alongside Hess (NYSE:HES) and CNOOC and ranks among the largest Permian producers. For much discourse connected adjacent vigor large valuations, spot our caller investigation of Chevron's 2026 outlook.

Capital returns stay a pillar of the story. Exxon plans $20 cardinal successful stock repurchases for 2026 and has present delivered 43 consecutive years of yearly dividend growth.