Exxon Mobil (XOM) reports its earnings on Friday, with the oil stock looking to rally to $150 as the industry stands in the spotlight. Oil prices have now hit a 4-month high in the US, which caused a stir for leading oil stocks like XOM and CVX. For the former, Investors are particularly interested in updates regarding Venezuela’s oil production and the company’s ongoing portfolio reshaping efforts from the earnings call.

Lower commodity prices are expected to weigh on the Q4 results of Exxon Mobil. The recent price hike of oil could give Exxon a revenue boost, which will be seen in the results. Analysts are projecting adjusted earnings per share of $1.68. XOM stock has appreciated 14% year-to-date, reflecting investor optimism despite recent volatility. Thus, the solid earnings is expected to provide a further lift for XOM and fellow oil stock Chevron (CVX).

Furthermore, Exxon Mobil (XOM) is actively reshaping its portfolio, focusing on carbon capture initiatives while divesting from certain assets to align with lower-carbon operations. The company is capitalizing on more than just oil at the moment, which may be reflected in Q4 earnings. On the other hand, in its latest 8-K SEC filings, XOM stated that it is likely to see a sequential decline in the December quarter upstream earnings by $800 million to $1.2 billion, due to a decrease in liquid prices.

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Analysts maintain an Overweight rating for ExxonMobil, with price targets generally above the current market price of $122.91, reflecting confidence in the company’s growth potential. Piper Sandler has set the highest price target at $142.00, just a tick above its $141 price. This suggests confidence in ExxonMobil’s growth potential. Morgan Stanley and Barclays also maintained solid ratings and higher forecasts.