Oil companies used to compete on how much crude they could produce. Now they’re competing on how much cash they can send back to investors. That dynamic could pay off for Exxon Mobil shareholders, argues one analyst who is no longer bearish on the stock.
Truist analyst Neal Dingmann wrote in a report published Thursday that Exxon looks as if it is going to generate more than enough cash to pay off debt and still have enough to raise its dividend and buyback. He upgraded his rating to Hold from Sell, with a $65 price target….