ExxonMobil Corp. (NYSE:XOM) stock traded lower Tuesday as weakness in energy stocks and the broader market weighed on the oil major.

The S&P 500 fell about 0.5%, while the Energy sector dropped roughly 0.6%. Decliners dominated across sectors.

ExxonMobil shares have also seen heightened volatility this week. U.S. President Donald Trump rejected an Iranian peace proposal aimed at resolving the conflict and reopening the Strait of Hormuz.

Analyst Expects Q3 Beat

On Monday, TD Cowen analyst Jason Gabelman raised his price forecast for ExxonMobil from $168 to $180. He maintained a Buy rating.

Gabelman expects third-quarter results to beat consensus, helped by strong refining margins. He also expects cash flow to beat estimates despite a $2 billion timing headwind.

He said ExxonMobil has underperformed during the Middle East conflict because of its outsized exposure to disrupted volumes.

The analyst forecasts upstream earnings will fall $600 million sequentially. Commodity prices and production are each expected to reduce earnings by about $300 million.

Meanwhile, Energy Products earnings could rise $4.6 billion, mainly due to stronger margins. Lower maintenance and operating costs should provide additional support.

Gabelman expects Chemicals earnings to fall $500 million, while Specialty earnings could decline $100 million because of weaker margins.

SLB Wins Rovuma LNG Contract

Separately Tuesday, SLB (NYSE:SLB) said its OneSubsea joint venture won a contract from ExxonMobil Moçambique, Limitada, on behalf of Area 4 partners ENH, CNPC, ENI, KOGAS and XRG.

The contract covers subsea production systems for Phase 1 of the offshore Rovuma LNG project in Mozambique. OneSubsea will provide subsea trees, manifolds, umbilicals and control systems, along with engineering, manufacturing and installation services.

ExxonMobil ETF Exposure

ExxonMobil is a major holding in several ETFs. The Corgi U.S. War Machine ETF (NASDAQ:WR) has an 8.67% weighting, while the iShares Core High Dividend ETF (NYSE:HDV) has an 8.29% weighting. The iShares North American Natural Resources ETF (BATS:IGE) has a 9.85% weighting.

Large inflows or outflows from these funds can therefore translate into additional buying or selling of ExxonMobil shares.

ExxonMobil Price Action

XOM Price Action: ExxonMobil shares were down 0.35% at $161.95 at the time of publication Tuesday, according to market data.