Ahead of ExxonMobil Earnings, Here's What Barchart Data Says Comes Next for XOM Stock

Exxon (XOM) is expected to report strong Q3 results on Oct. 30, but much of the related upside is likely baked into the company’s current share price, according to Barchart’s latest options data. Consensus is for the oil and gas behemoth to report $3.90 in earnings per share (EPS) for its third financial quarter, which would represent a more than 100% increase on a year-over-year basis. 

At the time of writing, Exxon stock is trading more than 50% above its price at the start of this year. 

Where Options Data Suggests Exxon Stock Is Headed

Traders are betting more on put options than call options heading into XOM’s earnings event, which is typically interpreted as a bearish sign. 

In fact, the put-to-call ratio on contracts expiring Nov. 6 sits at 1.05x as of writing. According to Barchart’s data, the lower price on those options contracts is set at $176 currently, indicating potential for a more than 3.5% post-earnings decline in the energy stock. 

On the flip side, however, XOM shares pay a healthy dividend yield of 2.25%, which incentivizes looking beyond the near-term earnings noise.

Are XOM Shares a Great Long-Term Buy?

Exxon shares’ longer-term appeal rests on the giant’s ability to grow profits without relying entirely on higher oil prices.

Its 2030 plan targets a whopping $25 billion in additional annual earnings versus 2024 at constant prices and margins, supported by Permian, Guyana, and LNG expansion, alongside cost savings. 

That gives investors a growth thesis beyond the upcoming earnings event and makes XOM a more credible long-term holding. A post-earnings pullback could offer a better entry point, provided production growth and cost discipline remain on track. 

Note that Exxon is currently trading at about 2.29x sales, which makes it cheaper to own than rival Chevron (CVX) heading into 2027. 

What’s the Consensus Rating on Exxon?

Wall Street analysts are also convinced that XOM stock’s ongoing rally is not out of steam just yet

According to Barchart, the consensus rating on Exxon sits at “Moderate Buy,” with price objectives as high as $206 signaling potential upside of about 13% from current levels. 

On the date of publication, Wajeeh Khan did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.