Oil storage tanks and refining facilities sit at the Esso oil refinery, operated by Exxon Mobil Corp. in Fawley, U.K.

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Following Exxon's disappointing fourth quarter earnings results, Goldman Sachs downgraded the stock to a sell rating Monday, saying "more compelling returns opportunities exist both among the global majors and global large cap stocks outside of energy."

The firm pointed to Exxon's lack of free cash flow that will limit capital returns, as well as an elevated valuation relative to peers as reasons behind the downgrade. Analyst Neil Mehta also cut his target on Exxon from $72 to $59, which is 5% below where the stock closed Friday.