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Exxon Mobil is trading at $102.75 and its share price is up 1.4%. The company revealed a decline in first-quarter EPS and revenues in May, but both metrics were higher than analysts’ expectations.
The decline in earnings during the first three months of 2014 was attributed to the sanctions placed on Russia, and there was a sense of déjà vu as additional sanctions were announced yesterday.
Exxon Mobil’s production levels have declined in ten out of the past 11 quarters. Cost-cutting has been introduced to combat the drop in output, and asset stripping and a reduction in capital expenditure are likely to continue.
Out of the 32 analysts who are rating Exxon Mobil, 46% are buys, 40% are holds and 16% are sells.
The stock is receiving support at the $102.02 level and a strong set of results could push the stock above $105.
Exxon Mobil is available for trading during IG’s extended hours. Here is a full list of US stocks available for extended hours trading.