financetom
Business
financetom
/
Business
/
What's Going On With Exxon Mobil (XOM) Stock?
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
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.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Japan's union group Rengo announces biggest wage hikes on record
Japan's union group Rengo announces biggest wage hikes on record
Mar 22, 2024
TOKYO (Reuters) -Japanese firms have agreed to raise pay by 5.25% this year, the biggest rise under comparable data since 2013, the country's largest union group Rengo confirmed on Friday. The results of the closely-watched wage negotiations are announced in several stages, in which the blue-chip firms are first to wrap up their talks in mid-March. The second announcement on...
Once a beacon of stability, Vietnam to name third president in a year
Once a beacon of stability, Vietnam to name third president in a year
Mar 22, 2024
HANOI, March 22 (Reuters) - Communist-ruled Vietnam is seeking its third president in little more than a year after the resignation of Vo Van Thuong, who was only elected last year after the sudden dismissal of his predecessor. With accumulated foreign direct investment higher than its gross domestic product, Vietnam's stability is crucial to multinationals with large operations in the...
Cathie Wood's ARK Invest scoops up nearly 10,000 Reddit shares in debut
Cathie Wood's ARK Invest scoops up nearly 10,000 Reddit shares in debut
Mar 22, 2024
(Reuters) - Popular investor Cathie Wood's ARK Invest bought nearly 10,000 shares of Reddit ( RDDT ) in the social media platform's strong market debut on Thursday, an email from the asset manager showed. A total of 9,982 shares of the loss-making company was added to ARK Next Generation Internet ETF ( ARKW ) and ARK Fintech Innovation ETF (...
Hutchmed Begins Registration Stage for Phase 2/3 Trial of Investigational Autoimmune Disorder Drug
Hutchmed Begins Registration Stage for Phase 2/3 Trial of Investigational Autoimmune Disorder Drug
Mar 22, 2024
05:04 AM EDT, 03/22/2024 (MT Newswires) -- Hutchmed ( HCM ) said late Thursday it has started the registration stage for a phase 2/3 clinical trial of investigational drug sovleplenib for adult patients with warm antibody autoimmune hemolytic anemia in China. The move follows positive data from the proof-of-concept phase 2 stage of the trial and a consultation with the...
Copyright 2023-2026 - www.financetom.com All Rights Reserved