Piper Sandler Trims ExxonMobil Price Target To $141, Keeps Overweight Rating

Group 1 - Piper Sandler reduced its price target on ExxonMobil to $141.00 from $145.00 while maintaining an Overweight rating, indicating a preference for long positions ahead of third-quarter results [1] - Preliminary figures from ExxonMobil's 8-K filing suggested earnings slightly below market expectations, impacting the overall outlook [1] - The firm forecasts third-quarter earnings per share of $1.81, an increase from the prior estimate of $1.51, but below investor discussions of $1.90–$1.95 due to negative timing effects in the upstream business [2] Group 2 - Despite lower contributions from upstream and chemical segments, ExxonMobil's outlook remains favorable due to strong refining fundamentals and robust global natural gas markets [3] - The anticipated negative timing effects in the upstream business are estimated at approximately $200 million, which were partially offset by stronger refining results [2]