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Analysts on Wall Street on Wednesday sharply raised Exxon Mobil Corp’s third-quarter earnings outlook, after the oil company disclosed a $2 billion profit gain from natural gas sales.

The disclosure indicated that Exxon’s third-quarter profit, to be reported later in October, could come in close to the record $17.9 billion profit in Q2, analysts stated.

The oil major could earn about $4 per share, compared with a second-quarter profit of $4.21 per share, according to analysts. Market consensus had pointed to $3.44 per share.

The company’s third-quarter profit from oil and gas production “will surpass record 2Q22 earnings with an implied mid-point of $11.8 billion,” according to analysts at Bank of America Securities. They believe the results set up Exxon for its first “meaningful” dividend increase in 3 years.

Gas prices have skyrocketed during the military conflict in Ukraine, as Europe seeks to substitute Russian pipeline gas supplies.

The shares of Exxon Mobil Corp (XOM) closed higher for a third consecutive trading session in New York on Wednesday. The stock went up 4.04% ($3.85) to $99.12, after touching an intraday high at $99.99. The latter has been a price level not seen since August 29th ($101.56).

The shares of Exxon Mobil Corporation have risen 61.99% so far in 2022 compared with a 20.62% loss for the benchmark index, S&P 500 (SPX).

In 2021, Exxon Mobil Corp’s stock went up 48.45%, thus, it again outperformed the S&P 500, which registered a 26.89% gain.

Analyst stock price forecast and recommendation

According to TipRanks, at least 7 out of 10 surveyed investment analysts had rated Exxon Mobil Corp’s stock as “Buy”, while 3 – as “Hold”. The median price target on the stock stands at $109.05.

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