#5 - Exxon Mobil (NYSE:XOM)
If you're looking for growth stocks that don't rely on AI, you should consider the energy sector. And one of the biggest names to consider is Exxon Mobil Corp. (NYSE: XOM). Investors didn't get the surge in oil prices analysts predicted in 2023. But at the beginning of 2024, crude prices are making a run at $80 per barrel. And many experts project that $100 a barrel will be in range later this year.
Geopolitical tensions are responsible for that bullish outlook. As is the likelihood of interest rate cuts by the Federal Reserve. That will refuel demand from consumers. And as supply chains race to meet that demand, oil prices will rise.
Oil stocks are cyclical in nature. As a reflection of that, XOM stock is up just 30% in the last five years. That is nearly identical to the Energy Select Sector SPDR Fund (NYSE: XLE), of which Exxon Mobil is the fund's largest holding.
About Exxon Mobil
Exxon Mobil Corporation engages in the exploration and production of crude oil and natural gas in the United States and internationally. It operates through Upstream, Energy Products, Chemical Products, and Specialty Products segments. The Upstream segment explores for and produces crude oil and natural gas.
Read More - Current Price
- $121.76
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 11 Buy Ratings, 8 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $130.21 (6.9% Upside)
