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Exxon Mobil Corporation is engaged in energy business. The Company’s principal business involves exploration for, and production of, crude oil and natural gas, and the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and a range of specialty products. The Company's segments include Upstream, Downstream and Chemical. The Upstream segment is organized and operates to explore for and produce crude oil and natural gas. The Downstream segment manufactures, trades and sells petroleum products. The refining and supply operations encompass a global network of manufacturing plants, transportation systems, and distribution centers that provide a range of fuels, lubricants and other products and feedstocks to its customers around the world. The Chemical segment is organized and operates to manufacture and sell petrochemicals. The Chemical business supplies olefins, polyolefins, aromatics, and a variety of other petrochemicals.

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Etsy shares climb on second-quarter profit beat, analysts raise price targets

9:51 am ET July 28, 2022 (MarketWatch)

By James Rogers

Etsy Inc. shares rose more than 6% Thursday following the company's second-quarter earnings beat.

Etsy Inc. shares shot up more than 8% Thursday following the company's second-quarter earnings beat.

Buoyed by the results, which were released after the market closed on Wednesday, Etsy Inc.'s (ETSY) stock rose 6.8% to $102 shortly after market open Thursday.

The online marketplace operator reported second-quarter net income of $73.1 million, or 51 cents a share, compared with net income of $98.3 million, or 68 cents a share, in the year-earlier quarter.

Etsy said the net-income decline was primarily attributable to increased employee-compensation-related expenses, with total employee headcount increasing approximately 70% on a year-over-year basis following the acquisitions of Depop and of Elo7. Analysts polled by FactSet expected Etsy to report net income of $47 million and earnings of 32 cents a share.

Gross merchandise sales of $3.01 billion, in line with Wall Street's expectations, were down 0.4% from $3.04 billion in the same period last year. Sales were $585.1 million, up from $528.9 million in the prior year's second quarter. The FactSet consensus foresaw sales of $556 million.

See Now: Etsy shares surge on second-quarter earnings beat

Following the results, DA Davidson increased its Etsy price target to $168 from $146. "Etsy's kitchen sink looks great in our house," wrote DA Davidson analyst Tom Forte, in a note released on Thursday. "Etsy's 2Q22 results and 3Q22 outlook exceeded our kitchen-sinked estimates," he added.

DA Davidson reiterated its Etsy buy rating.

Etsy gave third-quarter gross merchandise sales guidance of $2.8 billion to $3 billion. Analysts tracked by FactSet had forecast $3.08 billion. For the third quarter, Etsy expects revenue of $540 million to $575 million. FactSet's consensus calls for third-quarter revenue of $568 million.

Raymond James also increased its Etsy price target, to $115 from $100. "We're encouraged that growth rates on a 3-year basis appear to be showing signs of stabilization from May to June to July," wrote Raymond James analyst Rick Patel, also highlighting higher transaction fees in Etsy's marketplace. "For revenue, we expect continued benefit from the transaction fee increase and strong momentum at Etsy Ads."

See Now: Etsy is setting its sights on male shoppers

Raymond James also maintained its Etsy outperform rating. "We initially expected ETSY to reinvest much of the upside from the transaction fee hike, but it appears the company is taking a more conservative approach, and allowing more revenue to flow through to EBITDA [earnings before interest, taxes, depreciation and amortization] -- we see the potential for this to continue despite plans for EBITDA pressure in 3Q," Patel added.

Taking into account income-tax costs, stock-based compensation and other costs, Etsy's adjusted second-quarter EBITDA was $162.7 million, compared with $139.5 million in the same period last year.

Truist Securities raised its Etsy price target to $115 from $112 and maintained its buy rating.

"2Q results, outlook and [management's] commentary -- all show that Etsy's robust gains in KPIs [key performance indicators] (active buyers, repeat purchases) achieved during peak pandemic are proving to be durable even as [near-term] growth remains challenged due to headwinds from re-openings, macro and FX," wrote Truist Securities analyst Naved Khan, in a note released Thursday.

Stifel maintained its $125 Etsy price target and buy rating. "Stronger revenue reflects a higher-than-anticipated take rate stemming from stronger performance in the ad business in addition to the seller fee increase," wrote Stifel analyst Scott Devitt. "Etsy continues to add new buyers to the core platform and spend per buyer remains well above pre-pandemic levels," he added.

In all, no less than 10 of the 24 analysts surveyed by FactSet who cover Etsy raised their stock price targets, while 6 cut their targets.

Etsy shares have fallen 52.8% this year, compared with the S&P 500 index's 15.9% decline and the Dow Jones Industrial Average's fall of 11.6%.

-James Rogers


(END) Dow Jones Newswires

July 28, 2022 09:51 ET (13:51 GMT)

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