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Truist upgrades Exxon Mobil, cites long-term benefits from Pioneer acquisition

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Truist is finding a number of positives in Exxon Mobil's deal to buy Pioneer Natural Resources.

Truist is finding a number of positives in Exxon Mobil 's deal to buy Pioneer Natural Resources . Analyst Neal Dingmann upgraded the oil stock to buy from hold, saying that Pioneer's strong Permian basin position, and the incorporation of some of its key employees, will enable Exxon Mobil to attain a superior domestic well productivity position.

Shares have pulled back more than 9% since the start of October, as oil prices declined after hitting their highest levels in over a year last month. Despite the recent share performance, the Wall Street firm sees more upside ahead for Exxon Mobil, upping its price to $131 from $110 a share. The adjustment implies about 23% upside from Wednesday's close.

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