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MarketScreener Homepage  >  Equities  >  Nyse  >  Exxon Mobil Corporation    XOM

EXXON MOBIL CORPORATION

(XOM)
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Energy Stocks Diverge From Oil Prices--Update

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06/25/2019 | 05:26pm 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 fell 0.8% Tuesday and are down 1.7% so far this week. The sector has shed 5.5% 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 roughly 9% 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, falling 0.9% and 1%, respectively. Each have lost more than 1% this week.

Meanwhile, oil-field services companies have also 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 Halliburton Co. have shed at least 1.5% this week and were mildly lower Tuesday.

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 1.07% 23.56 Delayed Quote.9.58%
CHEVRON CORPORATION 0.29% 125.04 Delayed Quote.14.94%
DJ INDUSTRIAL -0.25% 27154.2 Delayed Quote.16.40%
EXXON MOBIL CORPORATION 0.20% 74.99 Delayed Quote.9.97%
HALLIBURTON COMPANY 0.32% 21.75 Delayed Quote.-18.17%
NASDAQ 100 -0.88% 7834.896756 Delayed Quote.24.87%
NASDAQ COMP. -0.74% 8146.488965 Delayed Quote.23.36%
S&P 500 -0.62% 2976.61 Delayed Quote.18.74%
SCHLUMBERGER NV -0.29% 34.4 Real-time Quote.5.18%
SCHLUMBERGER NV -0.18% 38.71 Delayed Quote.7.29%
WTI 0.41% 56.37 Delayed Quote.24.56%
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Financials (USD)
Sales 2019 266 B
EBIT 2019 26 779 M
Net income 2019 15 767 M
Debt 2019 39 269 M
Yield 2019 4,55%
P/E ratio 2019 20,5x
P/E ratio 2020 14,8x
EV / Sales2019 1,34x
EV / Sales2020 1,24x
Capitalization 317 B
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Technical analysis trends EXXON MOBIL CORPORATION
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Mean consensus HOLD
Number of Analysts 22
Average target price 85,34  $
Last Close Price 74,99  $
Spread / Highest target 38,7%
Spread / Average Target 13,8%
Spread / Lowest Target -1,32%
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Managers
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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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