Exxon Mobil shares rebound on Monday, Raymond James upgrades the stock to “Market Perform”

Raymond James reportedly raised its rating on Exxon Mobil Corporation (XOM) to “Market Perform” from “Underperform” previously, as the firm noted the conglomerates bear case essentially had run its course, with oil prices nearing cycle highs.

Exxon Mobil shares closed higher for the fifth time in the past seven trading sessions on Monday. The stock went up 0.72% ($0.57) to $79.57, after touching an intraday high at $79.58, or a price level not seen since April 19th ($79.82).

In the week ended on April 22nd the shares of the energy company added 1.49% to their market value compared to a week ago, which marked a fourth consecutive period of gains.

The stock has extended its advance to 6.65% so far during the current month following a 1.49% drop in March. The latter has been a second straight month of losses.

For the entire past year, the shares of the NYSE-listed energy giant went down 7.33% following a 15.79% surge in 2016.

According to Raymond James analyst Pavel Molchanov, as Exxons production and expansion issues are already in the “rearview mirror” and the companys dividend yield remains close to record levels, there is “a realistic chance” that a share repurchase is reinstated in the near future.

The analyst also revised up his 2018 projection for the price of West Texas Intermediate (WTI) crude oil to $68 per barrel from $65 per barrel previously.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Exxon Mobil’s stock price, have a median target of $85.00, with a high estimate of $100.00 and a low estimate of $70.00. The median estimate is a 6.82% surge compared to the closing price of $79.57 on April 23rd.

The same media also reported that 13 out of 27 surveyed investment analysts had rated Exxon Mobil’s stock as “Hold”, while 9 – as “Buy”. On the other hand, 5 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Exxon Mobil stock are presented as follows:

R1 – $79.65
R2 – $79.72
R3 (Range Resistance – Sell) – $79.80
R4 (Long Breakout) – $80.03
R5 (Breakout Target 1) – $80.29
R6 (Breakout Target 2) – $80.41

S1 – $79.49
S2 – $79.42
S3 (Range Support – Buy) – $79.34
S4 (Short Breakout) – $79.11
S5 (Breakout Target 1) – $78.85
S6 (Breakout Target 2) – $78.73

By using the traditional method of calculation, the weekly levels of importance for Exxon Mobil Corporation (XOM) are presented as follows:

Central Pivot Point – $78.84
R1 – $79.98
R2 – $80.95
R3 – $82.09
R4 – $83.22

S1 – $77.87
S2 – $76.73
S3 – $75.76
S4 – $74.78