Exxon Gets Rare Sell Rating On Oversupply Concerns

Exxon Mobil Corp. (NYSE:XOM) was up slightly in Thursday’s trading session after analysts at BNP Paribas Exane downgraded its shares to Underperform from Neutral with a $105 price target, good for 14% downside from the current price. The downgrade marks the first Sell equivalent rating XOM has received in more than a year, with analysts predicting a further decline in crude oil prices.

Previously, XOM stock posted gains for seven straight sessions. “Substantial excess OPEC+ capacity is hanging over the sector like the Sword of Damocles,”…