This All-American mega-cap energy leader is moving North, and with people hitting the road this Summer there will be huge gasoline consumption.
Exxon Mobil Corp. (NYSE:XOM) is the world’s largest international integrated Oil & Gas company. It explores for and produces Crude Oil and Nat Gas in the United States, Canada, South America, Europe, Africa and elsewhere.
Exxon also manufactures and markets commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics, and specialty products, and it transports and sells Crude Oil, Nat Gas and petroleum products.
XOM is an Aristocrat stock and pay a dividend of 5.52%, it is a core position in many conservative portfolios. Is it in yours?
XOM broke out on 3 May at 58.82 and confirmed on 21 June at 62.29 garnering an LTN buy rating with a 1 yr price target of 91.26.
The Key support is at 61.60 and the resistance through 66.43 is light.
Q-1 earnings beat came on chemicals with margins at a 10 yr high. Solid Quarter with debt down $4-B Q-Q cost initiatives on track and with the announced sale of UK non-core assets. It is a Buy as ExxonMobil has invested through the cycle which positions it to expand its future free cash flow to support dividends and stock buybacks.
Have a prosperous week, Keep the Faith!