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What's Going On With Exxon Mobil (XOM) Stock?
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What's Going On With Exxon Mobil (XOM) Stock?
Dec 17, 2024 7:53 AM

Exxon Mobil Corp ( XOM ) shares are trading lower by 3.3% to $107.10 since Monday’s open. The stock is facing headwinds this week over China’s weakening economic growth. The company also received multiple analyst rating updates during Monday’s session.

What Happened: Fresh data from China's National Bureau of Statistics revealed that key economic indicators, including retail sales and property investment, underperformed in November.

Retail sales rose just 3% year-on-year, falling short of economists' 5.3% expectations, while property investment plunged 10.4%, reflecting persistent challenges in the real estate sector.

For Exxon Mobil ( XOM ), these developments are significant as China is a major consumer of oil and natural gas, and economic slowdowns in the region often translate to reduced energy demand. The construction industry, heavily reliant on oil and gas, remains strained, with weak property investment raising concerns about future energy needs.

With oil prices sensitive to Chinese demand, Exxon's revenues and profit margins could be impacted if industrial activity and consumer confidence continue to falter.

Read Also: November Retail Sales Hit 11-Month Highs, Signal Strong Holiday Demand

Investors can gain exposure to XOM by investing in the Energy Select Sector SPDR Fund ( XLE ) .

Is XOM A Good Stock To Buy?

Wall Street analysts view Exxon Mobil ( XOM ) on the whole as a Neutral, given the history of coverage over the past three months. Paul Cheng from Scotiabank in Exxon Mobil ( XOM ) is the most optimistic, expecting a 12.4% rise in the stock in the coming year.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Exxon Mobil ( XOM ) fell 7.7%, which indicates that opinion soured on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which fell 0.82% over the past year.

A complete overview of how Wall Street views individual stocks is available here, while real time updates on the latest analyst actions will be delivered via Benzinga PRO. Try it for free.

According to data from Benzinga Pro, XOM has a 52-week high of $126.34 and a 52-week low of $95.77.

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