According to a report by Reuters last week, the US Securities and Exchange Commission (SEC) is discontinuing its investigation into whether investors were misled by Exxon Mobil Corporation (XOM) about the possible effects, which climate change and greenhouse gas regulations might have on the oil companys business.
Exxon Mobil shares closed higher for the first time in the past six trading sessions in New York on Friday. The stock edged up 0.36% ($0.29) to $80.20, after touching an intraday high at $80.30, or a price level not seen since August 1st ($80.93).
Shares of Exxon Mobil Corporation have retreated 4.11% 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.
The probe of Exxon’s reserves and climate-change disclosures to investors was launched by the SEC in 2016 under Chairman Mary Jo White who was appointed by President Barack Obama. The regulatory authoritys review is now discontinued under Chairman Jay Clayton who was appointed by President Trump.
In a statement, the oil major noted that over 4.2 million pages of documents had been provided as part of the investigation.
On the other hand, the New York and Massachusetts Attorneys General are still investigating Exxon in relation with its disclosures to investors and the general public about the climate change impact on its business.
“Our investigation remains ongoing,” Amy Spitalnick, a spokesperson for New York Attorney General Barbara Underwood, was quoted as saying by Reuters.
“Multiple courts have now rejected Exxon’s arguments regarding our investigation – fully dismissing Exxon’s lawsuit against our office, and ordering Exxon and its accounting firm to produce the documents we subpoenaed,” she added.
According to CNN Money, the 20 analysts, offering 12-month forecasts regarding Exxon Mobil’s stock price, have a median target of $86.46, with a high estimate of $110.00 and a low estimate of $70.00. The median estimate represents a 7.80% upside compared to the closing price of $80.20 on August 3rd.
The same media also reported that 12 out of 22 surveyed investment analysts had rated Exxon Mobil’s stock as “Hold”, while 7 – 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 – $80.26
R2 – $80.32
R3 (Range Resistance – Sell) – $80.38
R4 (Long Breakout) – $80.57
R5 (Breakout Target 1) – $80.78
R6 (Breakout Target 2) – $80.87
S1 – $80.14
S2 – $80.08
S3 (Range Support – Buy) – $80.02
S4 (Short Breakout) – $79.83
S5 (Breakout Target 1) – $79.62
S6 (Breakout Target 2) – $79.53
By using the traditional method of calculation, the weekly levels of importance for Exxon Mobil Corporation (XOM) are presented as follows:
Central Pivot Point – $80.60
R1 – $81.75
R2 – $83.30
R3 – $84.45
R4 – $85.60
S1 – $79.05
S2 – $77.90
S3 – $76.35
S4 – $74.80
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