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Benzinga

Business

Wayne Duggan

Exxon Mobil, Chevron Shares Continue Rally Following Q3 Earnings, But Which Oil Stock Do Wall Street Analysts Prefer?

Exxon Chevron Exxon Mobil Oil NYSE Doug Leggate XOM Morgan Stanley Devin McDermott Chevron Corporation

U.S. oil majors Exxon Mobil Corp (NYSE:XOM) and Chevron Corporation (NYSE:CVX) both reported impressive third-quarter numbers last week, with each company beating consensus earnings estimates by roughly 15%. In a difficult macroeconomic environment for most companies, a pair of Wall Street analysts said Monday that there may be more upside ahead for Exxon and Chevron.

Morgan Stanley's Take: Morgan Stanley analyst Devin McDermott said Monday that Exxon and Chevron's combined free cash flow in the third quarter was greater than $30 billion, up 20% quarter-over-quarter and exceeding its previous high by about $5 billion.

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