Exxon Mobils second-quarter earnings, reported on Friday, came in below Wall Street estimates as a result of lower production and multiple refinery renovation projects in Texas, Canada, France and Saudi Arabia.
Exxon Mobil shares closed lower for the first time in the past five trading sessions in New York on Friday. It has also been the steepest daily loss since April 27th. The stock went down 2.75% ($2.32) to $81.92, after touching an intraday low at $80.81, or a price level not seen since June 26th ($79.97).
Shares of Exxon Mobil Corporation have retreated 2.06% so far in 2018 compared with a 5.43% gain for the underlying index, S&P 500 (SPX).
In 2017, Exxon Mobil’s stock dropped 7.33%, thus, it again underperformed the S&P 500, which registered a 19.42% return.
Total revenue rose to $73.5 billion during the second quarter from $60.8 billion in the year-ago period. In comparison, analysts on average had expected $74.15 billion in revenue.
Exxons production shrank 7% to a daily rate of 3.6 million barrels of oil equivalent.
Meanwhile, the oil majors net income went up to $3.95 billion ($0.92 per share) during the second quarter from $3.35 billion ($0.78 per share) during the same period a year earlier. The figure, however, fell short of the median analyst estimate, which had pointed to earnings of $1.27 per share.
Net income from Exxon’s downstream unit, which refines crude oil into gasoline and other products, was reported to have shrunk 47% year-on-year and was the major factor to weigh on overall earnings during the past quarter.
According to CNN Money, the 21 analysts, offering 12-month forecasts regarding Exxon Mobil’s stock price, have a median target of $87.00, with a high estimate of $110.00 and a low estimate of $70.00. The median estimate represents a 6.20% upside compared to the closing price of $81.92 on July 27th.
The same media also reported that 12 out of 23 surveyed investment analysts had rated Exxon Mobil’s stock as “Hold”, while 8 – as “Buy”. On the other hand, 3 analysts had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, today’s levels of importance for the Exxon Mobil stock are presented as follows:
R1 – $82.06
R2 – $82.21
R3 (Range Resistance – Sell) – $82.35
R4 (Long Breakout) – $82.78
R5 (Breakout Target 1) – $83.29
R6 (Breakout Target 2) – $83.51
S1 – $81.78
S2 – $81.63
S3 (Range Support – Buy) – $81.49
S4 (Short Breakout) – $81.06
S5 (Breakout Target 1) – $80.55
S6 (Breakout Target 2) – $80.33
By using the traditional method of calculation, the weekly levels of importance for Exxon Mobil Corporation (XOM) are presented as follows:
Central Pivot Point – $82.38
R1 – $83.94
R2 – $85.97
R3 – $87.53
R4 – $89.10
S1 – $80.35
S2 – $78.79
S3 – $76.76
S4 – $74.74
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