Shares of Exxon Mobil Corp. (NYSE: XOM) added about 0.5% last week, to close down about 9.5% for the year to date and keep its position as the worst performing of the 30 stocks included in the Dow Jones Industrial Average index.
WTI crude oil prices rose by the same amount as analysts and traders have begun seriously to question the ability of the production cuts to rebalance the global crude market by the time the cuts are supposed to end in June. WTI closed Friday at $48.72 on the Nymex.
Reuters reported last week that the company is considering selling its 2,500 service stations in Italy for a tidy €500 million (about $538 million). The rumored buyer is private equity giant Apollo Global Management LLC (NYSE: APO), also rumored to be interested in buying 2,600 Italian service stations from a joint venture between Italy’s Eni SpA (NYSE: E) and Total SA (NYSE: TOT).
Later this coming week is the 28th anniversary of the massive 50 million gallon crude oil spill near Valdez, Alaska. Until the explosion at BP’s Deepwater Horizon project in the Gulf of Mexico in 2010, the Exxon Valdez spill was the worst ever in U.S. history.
The second-worst performing stock among the Dow 30 is the other energy giant, Chevron Corp. (NYSE: CVX), which closed Friday at $107.68 per share, down 8.5% for the year to date.
Exxon’s shares closed at $82.00 on Friday, down less than 0.1% for the day in a 52-week range of $80.31 to $95.55. The consensus 12-month price target is $88.23, in a range of $72 to $105 per share.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
