Oil Giant Exxon Stock Rises on Record Profit; Target Price $100 in Best Case

Oil Giant Exxon Stock Rises on Record Profit; Target Price $100 in Best Case

Exxon Mobil shares rose nearly 2% in pre-market trading on Tuesday after the Irving Texas-based oil company reported the largest profit in seven years, thanks to higher energy prices and a waning pandemic.

The U.S. largest publicly traded oil company reported fourth-quarter 2021 earnings of $8.9 billion, or $2.08 per share assuming dilution, resulting in full-year earnings of $23 billion, or $5.39 per share assuming dilution. That was well above the market expectations of $1.73 per share.

This multi-fold rise in the fourth-quarter earnings was largely driven by higher energy prices. Supply shortages and political tensions in Eastern Europe and the Middle East pushed oil prices up on Monday, ending January at their highest level in a year.