Exxon Mobil Corp and Mosaic Materials Inc have formed a partnership aimed at exploring the advancement of technology to remove carbon dioxide from emissions sources, Oil & Gas Journal reported earlier this week.
The tie-up builds upon Exxons carbon capture technology research portfolio.
Exxon Mobil shares closed lower for the sixth time in the past eleven trading sessions in New York on Tuesday. The stock went down 0.97% ($0.66) to $67.19, after touching an intraday low at $66.97, or a price level not seen since August 15th ($66.53).
Shares of Exxon Mobil Corporation have retreated 1.47% so far in 2019 compared with a 14.45% gain for the benchmark index, S&P 500 (SPX).
In 2018, Exxon Mobil Corp’s stock went down 18.47%, thus, it again underperformed the S&P 500, which registered a 6.24% loss.
Mosaic Materials has been advancing a technology, which allows for the separation of carbon dioxide from air or flue gas by using porous solids. Under the agreement, the two companies are expected to further discuss opportunities for industrial uses of that technology at scale.
According to Thomas McDonald, Mosaic Materials Chief Executive Officer, the firm’s proprietary technology enables the separation of CO2 “from nearly any gas mixture using moderate temperature and pressure changes.”
Analyst stock price forecast and recommendation
According to CNN Money, the 21 analysts, offering 12-month forecasts regarding Exxon Mobil’s stock price, have a median target of $81.00, with a high estimate of $108.00 and a low estimate of $73.00. The median estimate represents a 20.55% upside compared to the closing price of $67.19 on August 27th.
The same media also reported that at least 18 out of 25 surveyed investment analysts had rated Exxon Mobil’s stock as “Hold”, while 5 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.
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