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ExxonMobil Corp. Market Update

8/29/2022 3:23 PM

Shares of the American oil company ExxonMobil Corp. are correcting in an uptrend and are near the 98.00 mark against the background of rising oil prices. In addition, another global positive aspect is the company's recent reporting, according to which quarterly revenue amounted to 115.68B dollars, which was a new record, while earnings per share reached a maximum of 4.14 dollars, doubling the previous quarter's earnings of 2.07 dollars.

The search for options for exiting the Sakhalin-1 oil and gas project also continues, and ExxonMobil Corp. plans to find a possible buyer for its 30% stake in it by the end of the year. Due to the sanctions policy, the production of "black gold" within its framework decreased by 22 times – up to 10K barrels per day, which caused losses to the subsidiary of Exxon Neftegas Ltd.

As for dividends, the next payment is scheduled for September 9, and investors will receive 0.88 dollars per share. The expected yield can reach a high 3.85% per annum, which makes the company's shares very attractive for long-term investors.

The price is still trading in a global uptrend, increasing within a narrow channel. Technical indicators are in the state of a buy signal, which is constantly increasing: the histogram of the AO oscillator continues to stay in the buy zone, and the fast EMAs on the alligator indicator move away from the signal line, expanding the range of fluctuations.

Support levels: 94.80, 86.50. | Resistance levels: 99.00, 105.60.

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