Wells Fargo pushes its price target for Exxon Mobil stocks

The Wells Fargo holding company's price target for Exxon Mobil Corp. has been hiked from $109 to $116. Meanwhile, its "above-market" rating held steady, according to data released Friday.

Wells Fargo analysts adjusted their forecasts, enhancing the oil corporation's quarterly earnings estimate. 

"We are increasing our earnings per share (EPS) / cash flow outlook for the third quarter of this year. This is due to higher performance in the oil exploration and production, along with energy and specialty materials segments. These indicators, in turn, are offset by lower performance in chemicals," the experts noted.