Exxon Mobil Corp (NYSE:XOM) is trading down 2.26% at 58.26
The showdown pitting Exxon Mobil Corp (NYSE:XOM) against a tiny activist fund to determine the oil giant’s board and future direction was too close to call early Wednesday, according to people familiar with the matter.
Exxon’s 12 directors are up for election on Wednesday in the first major boardroom contest where climate change is a central issue.
Exxon has long fought to keep climate activists at bay, negotiating with big holders to supply details of its emissions and publicly supporting carbon reduction. This year, it sharply boosted spending to present its case and added a director from an ESG activist fund.
BlackRock (NYSE:BLK), Exxon’s second largest shareholder, struck a blow to those efforts by supporting three nominees from activist fund Engine No. 1, which promotes sustainable investments.
The viability of Exxon’s climate strategy and past resistance to shareholder concerns lay behind BlackRock’s vote, people familiar with the decision said.
Preliminary vote results are expected by midday. Results will show if there is broad support among energy investors for a transition to cleaner fuels. Never before have climate concerns become so crucial to director contest at a major oil company, said proxy experts.
On technical fronts Exxon Mobil Corp (NYSE:XOM) RSI stood at 46.89 and currently stock is trading above all Moving Average. So, BUY position can be taken with following target and stoploss:
TRADE SIGNAL – : Exxon Mobil Corp (NYSE:XOM) – BUY: 58.26, TARGET: 62.37, STOP LOSS : 54.46