ExxonMobil stock faces Wells Fargo downgrade at USD 164.01

Published on 10/03/2026 at 23:53 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ExxonMobil stock trades at USD 164.01 after Wells Fargo moved to Equal Weight on October 1, 2026. Q2 GAAP earnings reached USD 14.5 billion.

ExxonMobil, US30233Q1085, Illustration mit AI erstellt.

ExxonMobil stock (ISIN US30233Q1085) was last at USD 164.01 on the NYSE on October 2, 2026, up 0.12 percent on the session and 7.03 percent below its 52-week high of USD 176.41. The immediate catalyst was a Wells Fargo downgrade to Equal Weight on October 1, 2026, with the bank leaving its USD 182 price target unchanged.

Wells Fargo trims its rating

According to Yahoo Finance on October 1, 2026, analyst Sam Margolin moved ExxonMobil from Overweight to Equal Weight while retaining the USD 182 target. The rationale was relative valuation, with Wells Fargo seeing greater upside in BP after its debt reduction and resource development progress.

The unchanged target sits USD 17.99 above the latest ExxonMobil price, equivalent to 10.97 percent above USD 164.01. That gap gives the downgrade a cautious tone rather than signaling a fundamental break in the company's operating performance.

Q2 earnings show cash generation

ExxonMobil's investor-relations page lists USD 14.5 billion of GAAP earnings and USD 14.7 billion of adjusted earnings for the quarter ended June 30, 2026. The same Q2 2026 update reports USD 23.6 billion in cash flow from operations and USD 6.8 billion in cash capital expenditures, figures published by ExxonMobil.

Permian production exceeded 1.8 million oil-equivalent barrels per day in Q2 2026, according to the company update. The combination of operating cash flow and capital spending indicates that upstream production remains central to the investment case, while the rating change highlights valuation as the near-term counterweight.

Stock remains below yearly high

ExxonMobil's USD 164.01 last price on October 2, 2026, stood within a USD 110.39 to USD 176.41 52-week range. Market capitalization was USD 679.7 billion on the same date, and the session change was positive at 0.12 percent.

The next measurable checkpoint is the company's upcoming quarterly reporting cycle. Fintel lists October 23, 2026, as the scheduled earnings date, while the current share price leaves the stock below its yearly peak and the Wells Fargo target above the market level.