75.18 +0.09 (0.12%)
After hours: 7:29PM EDT
|Bid||75.02 x 800|
|Ask||75.17 x 2900|
|Day's Range||74.04 - 75.19|
|52 Week Range||64.65 - 87.36|
|Beta (3Y Monthly)||1.12|
|PE Ratio (TTM)||17.30|
|Earnings Date||Jul 25, 2019 - Jul 29, 2019|
|Forward Dividend & Yield||3.48 (4.92%)|
|1y Target Est||84.97|
(Bloomberg) -- Oil slipped further into a bear market as American factories and homebuilders offered the latest signs of weakening demand.Futures slid 1.1% in New York while London-traded Brent crude fell almost 2% as OPEC and its allies struggled to pick a meeting date to discuss supply cuts. In the U.S., the Federal Reserve found a record slowdown in June for New York State factories while sentiment among housing contractors unexpectedly dropped for the first time all year.Commerce Secretary Wilbur Ross, meanwhile, downplayed expectations for a U.S.-China trade breakthrough at this month’s G-20 summit in Japan.“OPEC will inevitably do what it needs to do, but that can’t happen without a lag,”Bart Melek, head of commodity strategy at Toronto’s TD Securities, said in an interview. “So the question for the market now is what happens to the demand side of the equation.”Monday’s decline halted a two-day rally for prices that followed last week’s attacks on oil tankers in the Middle East. Swelling American stockpiles and the U.S.-China trade rift have helped drive prices into a bear market, down more than 20% since a late April peak.The retreat came as the OPEC+ producer alliance worked to schedule a gathering to formally extend production cuts. Iran, the lone holdout, is willing to meet in late June or mid-July, Oil Minister Bijan Namdar Zanganeh told reporters in Tehran on Monday. Still, he and Russian Energy Minister Alexander Novak failed to settle on a date.West Texas Intermediate for July delivery closed 58 cents lower at $51.93 a barrel on the New York Mercantile Exchange. Brent for August settlement fell $1.07, or 1.7%, to $60.94 a barrel on London’s ICE Futures Europe Exchange. See also: Saudi Arabia Seeks to Balance Global Crude Markets Before 2020As the trade war drags on, pressure is building on OPEC+ to extend its output limits into the second half of the year. The alliance will probably meet in “the first week of July, and that will secure the rebalancing the market,” Saudi Energy Minister Khalid Al-Falih said Sunday.\--With assistance from Sharon Cho.To contact the reporters on this story: Alex Nussbaum in New York at firstname.lastname@example.org;Alex Longley in London at email@example.comTo contact the editors responsible for this story: Serene Cheong at firstname.lastname@example.org, Carlos CaminadaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Crane Co. is ramping up pressure on rival Circor International Inc. by taking its $45-a-share takeover offer directly to the industrial product manufacturer’s shareholders.Crane has commenced an unsolicited, all-cash tender offer for the flow control equipment maker’s outstanding shares, Circor said in a statement Monday, confirming an earlier Bloomberg News report."The Circor board of directors will carefully review and evaluate Crane’s tender offer to determine the course of action that it believes is in the best interests of Circor and its shareholders," the company said. The board intends to make a recommendation to shareholders on the offer within 10 business days.The tender offer, which would crystallize Crane’s unrequited overtures into a formal hostile takeover proposal, is aimed at forcing Circor’s management to the negotiating table to avoid facing the prospect of a shareholder referendum on the deal."This cash tender offer provides Circor shareholders the opportunity to send a clear message to the Circor board," Crane Chief Executive Officer Max Mitchell said in a statement Monday. "Circor shareholders have endured five years of underperformance and a series of value-destroying capital allocation decisions by current management."The offer represents about a 50% premium above Circor’s share price on May 20, the day before Bloomberg first reported Crane’s interest in acquiring it. Circor rose less than 1 percent to $45.02 at 12:55 p.m. in New York on Monday, valuing the Burlington, Massachusetts-based company at $896 million. Crane’s largest customers by revenue include Boeing Co. and Airbus SE, while Circor’s include Lockheed Martin Corp. and Exxon Mobil Corp.The push comes almost two weeks after Mitchell criticized Circor’s board for refusing to engage in merger talks despite a series of offers to do so. In a letter dated June 4, Mitchell said Circor’s board had “provided no significant rationale for its rejection,” calling it a “disservice to Circor shareholders.”In the same letter, Mitchell said Crane was willing to improve the terms of its $45-a-share offer should Circor decide to engage.Mario Gabelli, chairman of Gamco Investors Inc., which owns 15.2% of Circor’s stock and is the largest investor, has also criticized the board’s failure to engage with Stamford, Connecticut-based Crane.In an interview last month, Gabelli said “there is no way you could talk about this as proper governance.”(Updates with comment from Crane CEO in fifth paragraph.)To contact the reporter on this story: Ed Hammond in New York at email@example.comTo contact the editors responsible for this story: Elizabeth Fournier at firstname.lastname@example.org, Kevin MillerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Amazon.com Inc., Exxon Mobil Corp. and Volvo are among more than 700 companies being targeted in a campaign backed by a large group of investors advocating for greater transparency when it comes to environmental impact.HSBC Global Asset Management, Investec Asset Management and close to 85 other investors representing a combined $10 trillion in assets are asking companies to comply with the reporting process managed by the Carbon Disclosure Project, a British nonprofit research group that solicits and scores corporate environmental disclosures.Investors and interested observers need “consistent, comparable information collected in one place so that they can benchmark performance and use the data to inform their decisions,” said Emily Kreps, global director of investor initiatives at CDP. HSBC and Investec didn’t immediately respond to a request for comment.The effort targets companies the group says have failed to disclose such information for years at a time.Investors participating in the CDP initiative “are active managers or asset owners who have a sophisticated understanding of the [environment, social, and governance] disclosure they need from companies for their investment processes,” Kreps said. “We would expect to work with more investors on this in the future, especially as demand for corporate environmental data continues to rise.”Fossil fuel giant ExxonMobil has faced numerous investigations and lawsuits over its role in the global climate crisis. The company said it publishes environmental information through the framework developed by the Task Force on Climate-related Financial Disclosures (TCFD) and solicits feedback from shareholders.At Amazon, more than 7,600 employees recently backed a shareholder measure to push the company into developing an aggressive climate-fighting stance. (The effort failed. The company has said it will disclose its carbon footprint later this year.)Exxon said in an emailed statement that “we no longer participate in the Carbon Disclosure Project survey because our publicly available material provides a comprehensive and meaningful perspective on how we view and approach climate change-related risks.” Amazon, meanwhile, said it has set a “goal to reach 50% of all Amazon shipments with net zero carbon by 2030.”Volvo didn’t immediately respond to a request for comment.(Updates with Amazon comment in penultimate paragraph.)To contact the author of this story: Eric Roston in New York at email@example.comTo contact the editor responsible for this story: Josh Petri at firstname.lastname@example.org, David RovellaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
ExxonMobil's (XOM) stock returns are the second worst among the six stocks we're analyzing (ExxonMobil, Chevron, BP, Shell, Total, and Suncor). ExxonMobil stock has fallen 2.5% in the past month since May 13. XOM has underperformed the SPDR S&P 500 ETF (SPY), which has increased by 3.0% in the same period.
The Zacks Analyst Blog Highlights: ExxonMobil, Chevron, Green Plains, Archer Daniels Midland and Bunge
The Zacks Analyst Blog Highlights: PDC Energy, Exxon Mobil, AngloGold Ashanti, NovaGold Resources and VanEck Vectors Oil Refiners
Construction on a petrochemical plant near Corpus Christi could begin as early as next month. So could an appeal challenging the air quality permit for the plant's construction.
Shares of oil and gas company Chesapeake Energy Corp. slumped 4.4% toward a six-month low in afternoon trading Friday, despite a bump in crude oil prices, as longer-term concerns over global oil demand helped set off a broad selloff in the energy sector. The SPDR Energy Select Sector ETF shed 0.8%, with 28 of 29 components losing ground, while the S&P 500 eased 0.3%. Among the ETF's more-active components, shares of Halliburton Co. lost 2.1%, Schlumberger Ltd. declined 3.0%, Exxon Mobil Corp. gave up 0.5%, Marathon Oil Corp. slid 2.3% and Occidental Petroleum Corp. fell 0.7%. Crude oil futures rose 0.8%, after settling up 2.2% on Thursday. Meanwhile, the International Energy Agency cut its 2019 oil demand forecast for a second-straight month, citing a slowing in the global economy.
The agency removed the federal restriction on summer sales of E15 ethanol and came up with several structural changes to increase RIN market transparency.
Pope Francis said on Friday that carbon pricing, used by many governments to make energy consumers pay for the costs of burning fossil fuels, was "essential" to stem climate change. The comment, the Pope's clearest statement to date on the issue, was made in an address to leaders of the world's top energy companies at the end of a two-day meeting.
The project near Corpus Christi will be the world’s largest steam cracker and create $50 billion of “economic output” in the first six years, Exxon and Saudi Basic Industries Corp., known as Sabic, said in a joint statement on Thursday. The facility will convert hydrocarbons such as ethane and propane to ethylene, a chemical used to make everything from plastics to antifreeze.
Investors have been hearing plenty about geopolitical risk recently, but it has been mostly of the U.S.-China trade variety. That script flipped Thursday after two oil tankers were attacked in the Gulf of Oman, sending crude prices and stocks higher on the day.Source: Shutterstock The tankers had just passed through the Strait of Hormuz near Iran, one of the world's most important areas for oil transport, before being attacked. About a third of all oil shipments that are moved by tanker ships pass through the Strait of Hormuz. Secretary of State Mike Pompeo said Iran was responsible for the attacks.On the back of that news, the United States Oil Fund (NYSEARCA:USO), which tracks West Texas Intermediate futures, jumped 2.26%.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 High-Quality Cheap Stocks to Buy With $10 Speaking of gains, they were more modest for the major U.S. equity benchmarks as the Nasdaq Composite and the S&P 500 added 0.57% and 0.41%. The blue-chip Dow Jones Industrial Average posted an even more modest gain of 0.39%. Usual and Unusual SuspectsWith oil trading higher, it was not surprising that two of today's Dow winners were Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX), the two largest U.S. oil companies. While there was an obvious catalyst to spark the energy sector, it was one of the Dow's consumer discretionary names that led the index higher today.Shares of media and entertainment giant Walt Disney (NYSE:DIS) soared nearly 4% after Morgan Stanley issued some bullish commentary on the name. Morgan Stanley boosted its price target on Disney to $160 from $135 today, noting that the company's streaming service, Disney+, is a credible threat to Netflix (NASDAQ:NFLX)."Stepping back and admittedly taking the long view, investing in Disney shares is a play on the durability of its IP," said Morgan Stanley analyst Benjamin Swinburne in a note out today.On light news, two of the Dow's other consumer cyclical names -- Home Depot (NYSE:HD) and NIKE (NYSE:NKE) -- were also among the index's best-performing names on the Dow Jones today.The analyst has an "overweight" rating on Disney stock. Speaking of analyst commentary, Boeing (NYSE:BA), the Dow's largest component and a stock frequently highlighted in this space, traded slightly higher despite research firm Berenberg lowering its price target on the aerospace giant to $415 from $430.In the unusual suspects category, Dow Inc. (NYSE:DOW), the lone materials stock in the Dow Jones Industrial Average, added to its recent hot streak. While the materials sector is one of the smallest sector weights in the Dow and the S&P 500, keeping attention lavished upon the group to a minimum, the group is surging this month and is on pace for its best monthly performance in four years. Bottom Line for the Dow Jones TodayLooking at the broad benchmarks, this weeks' market action makes it feel as though the summer doldrums are setting in, but investors should not get complacent. There are just a couple of weeks left in the second quarter and when July arrives, so will the start of another earnings season. In advance of that, investors may want to evaluate how their portfolios are exposed to international revenue streams and the lingering trade spat with China.Expect to hear plenty of about internal revenue exposure on upcoming second-quarter earnings calls and how that affected results and could impact earnings over the remainder of 2019. * 6 Top Stock Trades for Friday: AMD, SQ, DIS "The estimated earnings decline for the S&P 500 for Q2 2019 is -2.3%," according to FactSet research. "For companies that generate more than 50% of sales inside the U.S., the estimated earnings growth rate is 1.4%. For companies that generate less than 50% of sales inside the U.S., the estimated earnings decline is -9.3%."Todd Shriber does not own any of the aforementioned securities. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 7 High-Quality Cheap Stocks to Buy With $10 * 7 U.S. Stocks to Buy With Limited Trade War Exposure * 6 Growth Stocks That Could Be the Next Big Thing Compare Brokers The post Dow Jones Today: Oil Slicks Lift Stocks appeared first on InvestorPlace.
The companies plan to begin construction on the $10 billion project in the third quarter of 2019 and start up the facility by 2022
Oil prices jumped June 13 after a few shells were lobbed at a tanker in the Gulf of Oman. The attack sent the price of crude oil up more than $2 per barrel after the price of Brent crude, the world standard, had briefly fallen below $60 per barrel.Source: SarahTz Via FlickrSomething else that's rising in June is the price of Exxon Mobil (NYSE:XOM) stock, which opened for trade June 13 at $74.70, up almost $4 per share from the start of the month.War helps Exxon in multiple ways. Its global reach means it can squeeze the best price from fear. It also lifts the price of American crude, which has been threatening to become unprofitable amidst the shale boom.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Oil War and Exxon StockIran called the attacks "suspicious." They come just as Japanese Prime Minister Shinzo Abe was making his first visit to Iran since its 1979 revolution. The fear is the attack may provoke a shooting war among the oil powers that could send the price of oil into three figures and lead to a global recession. * 7 High-Quality Cheap Stocks to Buy With $10 No one died in the attacks, but the incident was certain to stoke war fears on TV news shows. One tanker was carrying naphtha, the other methanol.Beyond the war talk, however, oil prices were getting no lift at all, with some speculators worrying oil might fall to $30 per barrel -- a point where no one would profit. Westward HoExxon Mobil is sensitive to the oil bears. It is doubling down on shale oil production in the Permian Basin of Texas and New Mexico, promising governments a giant windfall even if prices fall to $40.The company is also investing heavily in facilities to process that oil. It is expanding a refinery in Beaumont and looking to build a new petrochemical project in the Corpus Christi area.Exxon's strategy is now geared heavily to the Western Hemisphere. It has found a huge pool of oil off the coast of Guyana and put $6 billion into exploiting it. It is also expanding drilling off the coast of Argentina. What Could Go Wrong?Exxon's relative safety and diversification are why I've been calling it the only oil stock you should own. But I don't think the boom is going to last. Long-term trends, like an explosion of supply, the falling price of renewables and greater efficiency, all work against it.Oil prices are captive to world events in a way they haven't been in 40 years, but not all these events are good for prices. Before the Iranian attacks, prices were slipping in the face of growing trade tension and rising inventories.Middle East suppliers are especially nervous. Saudi Aramco is planning its first earnings call. The Sauds made a deal with Russia to keep down production, and they're promising further production cuts. The Bottom Line for XOM Stock and OilA decade ago, people worried if there was enough oil and natural gas to run the world. Now it's clear there's too much.Technology has become a double-edged sword for Exxon Mobil. Technology lets it produce more oil at lower cost. But technology also lets consumers and businesses use less oil and move toward electric cars.Given that reality, a Middle East war may be all that might save Exxon Mobil from disaster. Not a big one. A small one, like the one boiling up right now. Cry Wolf, as in Blitzer, and you'll get your price.Dana Blankenhorn is a financial and technology journalist. He is the author of the mystery thriller set in Texas, The Reluctant Detective Finds Her Family, available at the Amazon Kindle store. Write him at email@example.com or follow him on Twitter at @danablankenhorn. As of this writing he owned no shares in companies mentioned in this article. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 7 High-Quality Cheap Stocks to Buy With $10 * 7 U.S. Stocks to Buy With Limited Trade War Exposure * 6 Growth Stocks That Could Be the Next Big Thing Compare Brokers The post Exxon Stock Prices Rise in the Fog of War appeared first on InvestorPlace.
SABIC and ExxonMobil are proceeding with their previously announced plan to build the Gulf Coast Growth Ventures project, a 1.8 million-tonne/year ethane cracker currently planned for construction in San Patricio County, Tex. The ExxonMobil-SABIC joint venture has received final environmental regulatory approval to proceed with construction of the GCGV project, which will include an ethane steam cracker, two polyethylene units, and a monoethylene glycol unit.
Exxon Mobil Corp and Saudi Basic Industries Corp said on Thursday they would start construction of a $9 billion petrochemical plant in Texas in the third quarter that would have the world's largest ethane processing capacity. The 50/50 joint venture, called Gulf Coast Growth Ventures, will have the ability to produce 1.8 million metric tons a year, and will house a monoethylene glycol unit and two polyethylene units, the companies said. Building the world's largest steam cracker on the doorstep of rapidly growing Permian production gives this project significant scale and feedstock advantages, Exxon Mobil Chief Executive Officer Darren Woods said.
ExxonMobil and SABIC today announced the decision to proceed with the construction of a chemical facility and a 1.8 million metric ton ethane steam cracker in San Patricio County, Texas, leading to thousands of high-paying jobs and billions in economic output. “Building the world’s largest steam cracker, with state-of-the-art technology, on the doorstep of rapidly growing Permian production gives this project significant scale and feedstock advantages,” said Darren W. Woods, chairman and chief executive officer of ExxonMobil. The joint-venture between ExxonMobil and SABIC, called Gulf Coast Growth Ventures, received final environmental regulatory approval in June 2019 to build an ethane steam cracker, two polyethylene units and a monoethylene glycol unit.
Iran is ramping up enrichment of low-grade uranium and will pass the limit it is allowed to stockpile under the nuclear deal in 10 days, according to a spokesman for the Iran Atomic Agency. The announcement came after two fuel tankers were attacked in the Gulf of Oman on Thursday. Yahoo Finance's Adam Shapiro, Julie Hyman, Ethan Wolff-Mann and Brian Sozzi discuss.
Two tankers were attacked in the Strait of Hormuz, causing oil prices to rise sharply. Kyle Cooper, consultant for Ion Energy, along with Ali Vaez, Iran Project director at the International Crisis Group, join Seana Smith on 'The Ticker' to discuss how this may impact the future price of oil.