Macquarie analyst David Hewitt double upgraded Exxon Mobil (XOM) to Outperform from Underperform with a price target of $83. The stock closed yesterday up 85c to $76.25.

With a "world class" Guyana play, multiple liquefied natural gas developments, the Permian "juggernaut" and growth in the integrated downstream, Exxon is "well positioned for the future, and is not being overly distracted by the energy transition debate," Hewitt tells investors in a research note.

The analyst cites the company's multiple opportunities, "strong" balance sheet and "superior execution record" for taking his recommendation to Outperform.