Q2 Could be One of the Strongest Quarters in Exxon's History

Q2 Could be One of the Strongest Quarters in Exxon's History - Credit Suisse

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By Senad Karaahmetovic

Exxon Mobil (NYSE:XOM) could deliver a monster quarter, according to Credit Suisse analyst Manav Gupta.

The analyst reiterated an Outperform rating and a $125.00 per share price target ahead of the expected 8K filing. Indicators are pointing towards very strong final results, Gupta noted.

“While expectations was earnings will be up QoQ (given strength in commodity), both downstream and upstream came in better than expectations. Refining is set to deliver a record quarter. Based on the indicators provided by XOM, total upstream could be up +$2.8Bn QoQ while refining would be up +$5.2Bn (positive surprise). Chemicals (both commodity and specialty) should be flat QoQ, positive given US commodity chem margins were under pressure,” Gupta told clients in a note.

The analyst reminds investors that XOM’s earnings “come in above the midpoint of guidance (implied by indicators)” in the past. The Street is calling for Q2 EPS of $2.97 per share while indicators are calling for a monster $4.03 per share print.

Gupta also expects reactions across the sector once Exxon’s 8K filing is out.

“XOM’s 8K filing is the barometer that measures health of the energy sector. Based on the filing we expect materially higher QoQ refining earnings for VLO, PSX, MPC and DINO and also strong QoQ improvement in upstream earnings for SU, CVE and CVX,” the analyst concluded.

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