ExxonMobil Holdings Corporation (NYSE:XOM) stock rose about 2% Tuesday as energy stocks outperformed a weaker broader market. The Nasdaq fell 1.49%, while the S&P 500 lost 0.53%.
Energy stocks gained 1.51% Tuesday, making the sector one of the market’s top performers. In contrast, the Technology Select Sector SPDR Fund (NYSE:XLK) fell 2.57%.
ExxonMobil benefited from that rotation. The stock also maintained its longer-term uptrend, which may be attracting buyers during the broader market decline.
Market breadth remained positive despite weakness in major indexes. Eight of 11 sectors traded higher, while the advance-decline ratio stood at 2.7.
ExxonMobil Moves Rovuma LNG Project Forward
Separately, ExxonMobil said Tuesday that its Mozambique unit and Area 4 partners awarded about $1.1 billion in pre-investment contracts for the Rovuma LNG Phase 1 project in Mozambique.
The contracts cover subsea production systems, large-bore production valves, offshore line pipe and early construction work. The awards will allow suppliers to begin work on equipment with long manufacturing and delivery schedules.
The move advances Rovuma LNG toward a final investment decision. The project includes offshore gas development and an onshore LNG facility with planned annual production capacity of 18.6 million tonnes.
Technical Analysis
ExxonMobil traded about 5.1% above its 20-day simple moving average of $156.91. It was also 16.3% above its 200-day SMA of $141.79.
The 20-day SMA remains above the 50-day SMA. In addition, the 50-day SMA remains above the 200-day SMA after a “golden cross” formed in August 2025.
However, momentum looks stretched. The relative strength index stood at 70.28. An RSI above 70 can signal overbought conditions and increase the risk of a pullback or consolidation.
Resistance sits near $176.50, close to the 52-week high of $176.41. Support is near $149, close to the 50-day SMA of $148.06.
ExxonMobil Analyst Outlook
The stock has a consensus Buy rating and an average price forecast of $168.33.
Barclays maintained an Overweight rating Monday and lowered its price forecast to $177. TD Cowen maintained a Buy rating Aug. 7 and raised its price forecast to $168. Freedom Broker upgraded ExxonMobil to Hold on Aug. 4 and raised its price forecast to $142.
Benzinga Edge Rankings
The Benzinga Edge scorecard shows strong momentum and value scores for ExxonMobil.
Momentum stands at 76.03, while Value is 77.78. Growth is more moderate at 57.19.
Overall, the scores point to strong price momentum and supportive valuation characteristics. However, the elevated RSI and the stock’s distance above its moving averages suggest investors may want to watch for near-term volatility.
ExxonMobil Top ETF Exposure
ExxonMobil has a 9.42% weighting in the iShares North American Natural Resources ETF (BATS:IGE). It also accounts for 7.81% of the iShares Core High Dividend ETF (NYSE:HDV) and 6.74% of the GQG US Equity ETF (NYSE:GQGU).
Those sizable weightings can increase the stock’s exposure to fund inflows and outflows.
Price Action
XOM Price Action: ExxonMobil shares were up 1.97% at $164.64 at the time of publication Tuesday, according to Benzinga Pro.
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