StevenStarr73/iStock Editorial via Getty ImagesInvestment Thesis Following Exxon Mobil's (NYSE:XOM) strong bull run in 2022, we initiated a hold rating due to concerns about long-term revenue declines amidst the global transition toward low-carbon solutions. However, the company's recent strategic pivot and performance justify reassessing its rating, signaling a change in its performance that potential investors should consider. XOM is currently trading below its historical normalized P/E and price-to-f ...