Why did ExxonMobil Holdings move?
Written after the close on
ExxonMobil edged higher as buybacks and dividends kept it in favour. A downgrade from Wells Fargo, which argued rival BP now looks cheaper on relative valuation, and a small stake trim by one advisor were mild headwinds that did not stop the rise. What to watch next is the late-October earnings report, and whether crude stays firm into it.
Earlier days
ExxonMobil edged lower as oil stayed firm on Middle East supply worries. Over the last five trading days ExxonMobil rose slightly, going against a clearly weaker broad market and a roughly flat energy sector, with the gain concentrated in the middle of the stretch before a small pullback in the latest session. The likely driver was firmer crude: Washington rejected an Iranian offer to reopen the Strait of Hormuz, a narrow sea passage that carries about a fifth of the world's oil, pushing Brent above $107 and lifting integrated oil names. That tailwind was partly offset by profit-taking after a strong run and by the sector slipping on the final day. Next to watch is the late-October earnings report, where analysts expect sharply higher profit on strong refining and record production, alongside the Supreme Court climate case involving the company.
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History in plain words, not investment advice.