Piper Sandler reduced its price target on ExxonMobil (NYSE: XOM) to $141.00 from $145.00 while maintaining an Overweight rating.

The firm said ExxonMobil remained a preferred long position ahead of third-quarter results, supported by strong upstream operations and leading exposure to the refining sector. However, it noted that preliminary figures from the company's 8-K filing implied earnings slightly below market expectations.

Piper Sandler now forecast third-quarter earnings per share of $1.81, up from its prior $1.51 estimate but below investor discussions suggesting $1.90-$1.95. Analysts attributed the shortfall to roughly $200 million in negative timing effects in the upstream business, partially offset by stronger refining results.

Despite slightly lower contributions from the upstream and chemical segments, the firm said ExxonMobil's outlook remained favorable given robust refining fundamentals and continued strength in global natural gas markets heading into year-end and 2026.