EXXON MOBIL Q2 PROFIT TOPS EXPECTATIONS, STOCK RISES
In the Premarket trading session on Friday, Exxon Mobil’s stock was trading at 73.20- higher by 1.02% as compared to its previous close.
The energy giant reported its second-quarter earnings before the market open on Friday. Exxon Mobil generated an EPS of 73 cents for the second quarter down from 92 cents in the last year. The EPS was, however, above the market expectation of 66 cents. The company posted a 21% fall in quarterly profit due to weaker natural gas prices and lower refining costs.
Exxon Mobil brought in $69.091 billion in revenue for the second quarter. The revenue was above the consensus estimates of $65.202 billion. The company’s oil-equivalent production surged 7% to 3.9 million barrels per day, supported by output in the top U.S. shale field. Stocks of Exxon Mobil have rallied 6.3% year to date through Thursday’s close.
On the technical front, the current price is below the MA5 (74.47). The current price is below the lower band of the Bollinger Bands but is heading upwards. The stock is expected to trade higher today.
TRADE SUGGESTION- LIMIT BUY AT 72.90 TAKE PROFIT AT 73.90 STOP LOSS AT 72.40