Exxon Mobil Corporation (NYSE: XOM) shares are trading lower today. The oil giant anticipates changes in oil prices to boost second-quarter upstream earnings Q/Q by $0.3 billion to $0.7 billion.
Conversely, changes in gas prices will negatively impact its second-quarter upstream results by between $(0.7) billion and $(0.3) billion.
On the other hand, Exxon Mobil projects that variations in industry margins will impact energy products earnings by $(1.5) billion-$(1.1) billion, specialty products earnings by $(0.1) billion-$0.1 billion and chemical products earnings by $0.0 billion-$0.2 billion.
In May, Exxon Mobil closed its acquisition of Pioneer Natural Resources Company.
The company expects a 500 - 550 koebd production boost, reflecting two months of Pioneer production averaged for 91 days for the second quarter. This includes Pioneer production, attributable to ExxonMobil results, of ~46 - 48 MOEB for the period May 3 to June 30, 2024.
According to Benzinga Pro, analysts estimate Exxon Mobil to report second-quarter adjusted earnings per share of $2.37 and revenues of $91.86 billion.
Investors can gain exposure to the stock via SPDR Select Sector Fund - Energy Select Sector (NYSE: XLE) and IShares U.S. Energy ETF (NYSE: IYE).
XOM Stock Prediction 2024
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Exxon Mobil, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Exxon Mobil, the 200-day moving average sits at $109.22, according to Benzinga Pro, which is below the current price of $112. For more on charts and trend lines, see a description here.
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
Price Action: XOM shares are down 1.16% at $112.05 on the last check Monday.