According to a report by Reuters, citing sources with direct knowledge of the matter, Exxon Mobil Corp (XOM) is looking for a potential buyer for its refinery located in Billings, Montana.
Exxon Mobil shares closed lower for the fifth time in the past fourteen trading sessions in New York on Monday. The stock went down 0.88% ($0.61) to $68.64, after touching an intraday low at $68.59, or a price level not seen since October 21st ($67.82).
Shares of Exxon Mobil Corporation have risen 0.66% so far in 2019 compared with a 21.24% 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.
According to the sources, the refinery has been toured by representatives from companies such as Valero Energy Corp and Marathon Petroleum Corp. At the same time, one of the sources noted that a smaller refiner was more likely to purchase the facility.
Four years ago, a potential sale of Exxon’s Billings refinery, having a capacity of nearly 60 000 barrels per day, was expected to bring in about $500 million. The sources said that the facility could still generate the same amount.
Analyst stock price forecast and recommendation
According to CNN Money, the 20 analysts, offering 12-month forecasts regarding Exxon Mobil’s stock price, have a median target of $75.00, with a high estimate of $100.00 and a low estimate of $63.00. The median estimate represents a 9.27% upside compared to the closing price of $68.64 on October 28th.
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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