01:35 PM EDT, 04/26/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target price of $130, cut $5, reflects a 6.7x multiple of enterprise value to projected 2025 EBITDA, about in line with XOM's historical forward average. We cut our 2024 EPS estimate by $0.09 to $9.02 and 2025's by $0.55 to $9.50. Q1 EPS of $2.06 vs. $2.83, missed the consensus view by $0.12. XOM continues to make progress on structural cost reductions, with $0.4B in such cuts in Q1, now totaling $10.1B overall, which is substantial progress toward a goal of $15.0B in structural cuts by 2027 vs. 2019 levels. Production of 3.78 mmboe/d in Q1 was 0.4% below consensus, and down 40,000 boe/d sequentially, but we expect the Pioneer transaction to close in Q2. Shares are down about 3% today, which we chalk up to the EPS miss, but we think the outlook is still reasonably good, aside from prospects for U.S. natural gas, which remains mired in a supply glut. Relative to chief rival Chevron Corp. (CVX 165 ***), XOM has less natural gas exposure, which we think is an advantage.