Refining profits, stablecoin adoption and cloud demand lifted investor optimism.

  • Exxon Mobil expects stronger refining margins to give a $4.5 billion boost to Q3 results.
  • Visa stock hit a record $404.74 after launching its stablecoin payment service. 
  • Atlassian is gaining from strong enterprise demand and cloud migration. 

Exxon Mobil Corp. (XOM), Visa Inc. (V) and Atlassian Corp. (TEAM) climbed to new 52-week highs on Friday as developments in energy refining, international payments and enterprise software attracted investor attention, while analyst optimism and new product capabilities added to the positive outlook for the companies.  

Exxon Mobil and Visa stocks climbed 2% and 0.7%, while Atlassian pared gains and ended the session 4% lower. 

Refining Gains Strengthen Exxon Mobil’s Earnings Outlook 

Exxon Mobil stock hit a record high of $179.16 after a regulatory filing suggested improved refining conditions could boost third-quarter (Q3) results. The company estimated that stronger margins in its Energy Products business would add about $4.5 billion compared with the previous quarter.

Goldman Sachs analyst Neil Mehta estimated that the disclosure pointed to earnings per share of around $4.10, above FactSet's consensus forecast of $3.87. However, the outlook still remained below Goldman Sachs' own $4.33 estimate. Investors are awaiting the company's Q3 report, scheduled for Oct. 30. On Stocktwits, retail sentiment around the stock improved to ‘bullish’ from ‘neutral’. 

Visa: Stablecoin Payments Move Beyond Testing

Visa stock extended its advance, hitting a record high of $404.74 as investors reacted to the launch of the company’s stablecoin payment service. The service lets banks and payment companies send money overseas faster using Circle’s USD Coin (USDC). TD Cowen analysts said stablecoins could work alongside existing payment systems rather than replace them. 

BMO Capital raised Visa’s price target to $425 from $405 and maintained an ‘Outperform’ rating. The firm sees strong consumer spending and expects Visa’s revenue and earnings growth to remain strong. BMO added that growth in additional services and newer payment businesses could help offset slower growth in Visa’s core business. Retail sentiment around the stock slipped to ‘bullish’ from ‘extremely bullish’.

Atlassian Rides On Cloud Growth Optimism

Atlassian stock hit a new annual high of $223.70, driven by strong demand and more customers moving to its cloud services as the company shifts customers from legacy Data Center licenses to cloud-based Jira and Confluence subscriptions.

Last week, Mizuho analyst Gregg Moskowitz raised his price target to $235 from $215 and maintained an ‘Outperform’ rating. He cited healthy feedback from industry contacts, solid cloud usage and continued interest in AI tools.

Wells Fargo analyst Ryan MacWilliams lifted his target to $230 from $180 and retained an ‘Overweight’ rating. The analyst said larger corporate customers were moving from Data Center products to cloud subscriptions while retaining their existing user bases. MacWilliams also pointed to growing early interest in Rovo, Atlassian's AI assistant. Retail sentiment around the stock remained ‘bearish’. 

So far this year, XOM, V and TEAM stocks have gained between 14%  and 48%.

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