Wells Fargo Increases Exxon Mobil (XOM) Price Forecast, Maintains Bullish View

Exxon Mobil Corporation (NYSE:XOM) is included among the Goldman Sachs Dividend Stocks: Top 14 Stock Picks.

On February 24, Wells Fargo analyst Sam Margolin raised the price recommendation on Exxon Mobil Corporation (NYSE:XOM) to $183 from $156. He maintained an Overweight rating on the shares. The firm said Exxon’s stock has helped lead the broader index higher and is undergoing a re-rating. Wells Fargo views this multiple expansion not as a catch-up to other sectors, but as recognition of Exxon’s ability to consistently return capital.

Exxon reported $28.8 billion in earnings for 2025. It also generated $52 billion in operating cash flow. These results once again placed the company among the top performers in the energy industry. Since 2019, Exxon’s earnings per share have grown at a 21% compound annual rate. Operating cash flow increased at a 10% annual pace over the same period. For a company of its scale, this level of growth stands out and reflects steady execution.

Production growth has been a major contributor. Exxon reached an output of 4.7 million barrels of oil equivalent per day. This marked its highest production level in more than 40 years. The company set records in the Permian Basin and offshore Guyana, two areas where it has focused heavily on high-return projects. Cost control also supported the results. Exxon delivered $3 billion in structural cost savings last year. This brought the total savings since 2019 to $15.1 billion. Management said this figure exceeds the combined savings achieved by other international oil companies over the same period.

Exxon Mobil Corporation (NYSE:XOM) remains one of the largest integrated energy companies in the world. Its operations span oil and gas exploration, production, and refining. The company also produces fuels, petrochemicals, lubricants, and specialty plastics, while continuing to invest in lower-emission areas such as carbon capture and lithium development.