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MarketScreener Homepage  >  Equities  >  Nyse  >  Exxon Mobil Corporation    XOM

EXXON MOBIL CORPORATION

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Energy Stocks Diverge From Oil Prices

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06/25/2019 | 03:21pm EDT

By Jessica Menton

Energy shares are sliding this week despite oil's climb -- a divergence some analysts say could linger if geopolitical tensions in the Middle East continue to escalate.

The relationship between oil prices and shares of oil-producing companies has weakened recently after Iran shot down a U.S. military drone last week. Shares of energy companies in the S&P 500 slipped 0.4% Tuesday and are down 1.4% so far this week. The sector has shed 5.2% this quarter, on pace for its worst quarterly percentage drop since the broader-market selloff in the final three months of 2018.

Energy stocks in the S&P 500 have shed 15% over the past 12 months amid fears of oversupply and worries about slowing demand in a weakening global economy.

The most recent declines come as U.S. crude prices have rallied nearly 8% over the past week amid rising friction between Washington and Tehran, though oil prices pulled back from multiweek highs Tuesday.

"Investors are looking through the recent strength in oil prices because they don't buy that the recent geopolitical tensions will shoot oil materially higher, or the idea that demand for crude will remain at steadfast levels," said Mike Tran, managing director and global energy strategist at RBC Capital Markets.

Declines in shares of oil conglomerates Exxon Mobil Corp. and Chevron Corp. weighed on the energy sector Tuesday, with each falling 0.7% apiece.

Meanwhile, oil-field services companies have been among the hardest hit this week within the S&P 500's energy sector, a corner of the energy market that has been vulnerable as crude production has slowed, some analysts said. Shares of Baker Hughes and Schlumberger Ltd. dropped 0.5% Tuesday while Halliburton Co.'s stock edged up 0.3%. All three stocks have fallen at least 1.1% this week.

The slide may not last, however, if the U.S. and Iran don't reach a detente soon.

"As geopolitical tensions escalate and there's risk that gets priced back into oil prices, it'll be something that equity investors just simply can't ignore," Mr. Tran said.

Write to Jessica Menton at Jessica.Menton@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BAKER HUGHES -2.22% 23.565 Delayed Quote.14.84%
CHEVRON CORPORATION -0.50% 124.1591 Delayed Quote.14.68%
DJ INDUSTRIAL -0.29% 27262.3 Delayed Quote.17.18%
EXXON MOBIL CORPORATION -0.65% 75.4486 Delayed Quote.13.04%
HALLIBURTON COMPANY -2.12% 22.405 Delayed Quote.-13.92%
NASDAQ 100 -0.25% 7908.73904 Delayed Quote.25.86%
NASDAQ COMP. -0.32% 8198.177223 Delayed Quote.24.25%
S&P 500 -0.42% 2991.99 Delayed Quote.20.24%
SCHLUMBERGER NV -3.60% 34.8 Real-time Quote.10.06%
SCHLUMBERGER NV -2.35% 39.13 Delayed Quote.12.17%
WTI -0.16% 57.51 Delayed Quote.32.38%
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Financials (USD)
Sales 2019 271 B
EBIT 2019 27 574 M
Net income 2019 15 986 M
Debt 2019 39 072 M
Yield 2019 4,49%
P/E ratio 2019 20,3x
P/E ratio 2020 14,7x
EV / Sales2019 1,33x
EV / Sales2020 1,21x
Capitalization 321 B
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 85,87  $
Last Close Price 75,93  $
Spread / Highest target 37,0%
Spread / Average Target 13,1%
Spread / Lowest Target -2,54%
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Darren W. Woods Chairman, President & Chief Executive Officer
Andrew P. Swiger Chief Financial Officer & Senior VP
Samuel J. Palmisano Independent Director
Steven S. Reinemund Independent Director
Kenneth C. Frazier Independent Director
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