Will Exxon Mobil Stock Tread Water?
- Date: 05-Aug-2020
- Source: Forbes
- Sector:Financial Markets
- Country:GCC
Will Exxon Mobil Stock Tread Water?
POLAND - 2020/03/23: In this photo illustration an Exxon Mobil logo seen displayed on a smartphone. ... [+] (Photo Illustration by Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images)
SOPA Images/LightRocket via Getty Images
Despite a 33% rise since the March 23 lows of this year, at the current price of around $43 per share we believe Exxon Mobil (NYSE: XOM) has reached its near-term potential. XOM's stock has rallied from $32 to $43 off the recent bottom compared to the S&P which moved 46%. The stock lagged broader markets because of the low demand for gasoline, diesel, and jet fuel.
XOM stock has partially reached the level it was at before the drop in February due to the coronavirus outbreak becoming a pandemic. The healthy
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