Exxon has significantly outperformed the domestic names and although we believe a period of consolidation is likely around the $80 area we can see an eventual move well above $US90 i.e. we believe it will continue to outperform its Australian peers. Interestingly, the stock / sector was lower overnight even as crude oil hit $US94 a barrel for the first time since 2014 suggesting it’s time for a rest for many oil stocks. We own XOM in our International Equities Portfolio.
MM remains bullish Exxon ultimately targeting $US90
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