Exxon Mobil Aspire ‘Net Zero’—XOM Stock Likely to Enjoy

With the year coming to an end soon, companies are looking towards setting their goals for the upcoming year. Oil and gas corporation giant ExxonMobil Corp (NYSE: XOM) also reported to boost the investment in detecting emission. Earlier the company said to increase the base pay of their top executives. Given the impressive Q3 earnings report of 2023 that remained above expectations and previous records XOM stock reflecting optimism, the company might be looking to continue the trend.

ExxonMobil Approaching Zero-Emission Goals

ExxonMobil is looking to have an aggressive take on achieving its environmental goals. The company set a net zero greenhouse gas emissions that are generated through the company activities or under its control—Scope 1 and 2 emissions. Permian Basin assets set to meet the target by 2030 while the company wide assets by 2050.

In order to achieve the targets, Exxon reported to establish the Center for Operations and Methane Emissions Tracking (COMET). This settlement in Houston will be monitoring the Permian Basin based sensors for day in and day out.

This could be seen as the industry giant’s efforts by employing new and shifting technology for technology detection given the shifting emissions regulations. It seeks an eight month long project in order to assess up to 30 distinct technologies for emission detection.

Technology integration manager at ExxonMobil, Stefanie Asher said “It’s very dynamic, a lot of technology, a lot of start-up companies.”

XOM Stock Price on Gradual Increase

ExxonMobil reported impressive results in its earnings report of third quarter 2022. The results were clearly reflected on XOM stock price which was however already surging gradually. Currently it is trading at around 108.68 USD with a slight surge of over 2.6% in a day. The stock price has seen a jump of more than 75% in a year.

The current price is close to its 52-week high of 114.66 USD. Given the price momentum, XOM stock is maintaining between potential resistance of 115 USD and support of 102 USD. It is also maintaining a significant volume of more than 11.5 million.

The oil and gas company has maintained a Dividend Yield of 3.48% with payout ratio of 27.69%.

Meanwhile the outlook for XOM share price is quite optimistic where many analysts put the ‘buy’ rating with stock price reaching up to 135 USD. Many were suggesting the company with expected CAGR of 13% to put under the checklist for 2023.

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