54.31 +0.11 (0.20%)
After hours: 6:49PM EST
|Bid||54.30 x 2900|
|Ask||54.50 x 1800|
|Day's Range||53.97 - 56.75|
|52 Week Range||53.97 - 83.49|
|Beta (5Y Monthly)||1.03|
|PE Ratio (TTM)||16.14|
|Earnings Date||Apr 23, 2020 - Apr 27, 2020|
|Forward Dividend & Yield||3.48 (6.17%)|
|Ex-Dividend Date||Feb 09, 2020|
|1y Target Est||73.85|
Back-to-back sharp selloffs for stock has sent the number of new 52-week lows on the NYSE spiking to a 14-month high. The Dow Jones Industrial Average tumbled 907 points, or 3.2%, with all 30 components lowing ground in afternoon trading Tuesday, after plunging 1,032 points, or 3.6%, on Monday. New lows on the NYSE rose to 371 from Monday's 243. That's the most new lows since it reached 791 on Dec. 26, 2018. Meanwhile, the new highs fell to 79 from 93 on Monday, meaning the new lows outnumbered new highs by 292, the biggest spread since it hit 344 on Dec. 27, 2018. Within the Dow, six stocks hit new lows Tuesday and no stocks hit new highs. The new lows were shares of Pfizer Inc. , Walgreens Boots Alliance Inc. , Exxon Mobil Corp. , 3M Co. , Cisco Systems Inc. and Chevron Corp. .
The energy is suffering another broad selloff, to lead the S&P 500's 11 key sectors in declines, as crude oil prices fall for a third-straight day amid worries that the global spread of COVID-19 will hurt demand. The SPDR Energy Select Sector ETF slumped 2.3%, with 27 of 28 components losing ground. That put the sector ETF (XLE) on track for the lowest close since July 2010. The biggest decliner was Cimarex Energy Co.'s stock , which tumbled 5.7% toward the lowest close since September 2009. Among the most-active XLF components, shares of Exxon Mobil Corp. gavse up 1.8%, Marathon Oil Corp. shed 3.7% and Occidental Petroleum Corp. sank 4.9%. Meanwhile, continuous crude oil futures slid 1.6% toward a 2-week low, and has now lost 6.1% amid a 3-day losing streak.
Chart Industries President and CEO Jill Evanko, center, at Monday's LNG virtual pipeline signing ceremony in India seated with ExxonMobil and IOCL officials. US and Indian dignitaries, standing, look on. PHOTO SOURCE: Chart Industries, Inc.
(Bloomberg) -- Exxon Mobil Corp. fell to a 15-year low on Monday amid a broad selloff in equity and commodity markets and just over a week before Chief Executive Officer Darren Woods is scheduled to present the oil explorer’s long-term strategic plan to investors and analysts.The shares have been under pressure since Exxon disclosed disappointing fourth-quarter results in late January and prospects for a near-term recovery were dimmed by the spreading coronavirus. Excess supplies of natural gas, chemicals and motor fuels also weighed on the oil supermajor.Exxon fell 4.7% to close at $56.36 on Monday in New York as Brent crude tumbled to about $56 a barrel. The last time the Texas-based driller’s stock traded at this level was the end of 2005, when crude fetched $59.Exxon has been scrutinizing employee-travel budgets since posting its worst quarterly profit in almost four years, people with knowledge of the matter told Bloomberg News earlier this month. Auditing teams have fanned out to some divisions to analyze travel requests involving industry conferences, the people said.Woods is focused on rebuilding Exxon’s portfolio of crude and gas projects through new drilling from Guyana to Mozambique. But investors have so far balked at the huge cost. Woods is scheduled to defend his strategy in a day-long presentation on March 5 in New York.To contact the reporter on this story: Kevin Crowley in Houston at email@example.comTo contact the editors responsible for this story: Simon Casey at firstname.lastname@example.org, Joe CarrollFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Oil tumbled by the most in almost seven weeks as the worsening coronavirus outbreak fueled concerns that the global economy will falter.Futures fell 3.7% in New York on Monday, the largest drop since early January. The deadly virus has spread to more than 30 countries, raising the threat of a global pandemic. Infections spiked again in South Korea and Iran, while Afghanistan, Bahrain and Kuwait all reported their first cases.“The spread beyond China is igniting fears of much larger global crisis,” said Ellen Wald, president of Transversal Consulting and a nonresident fellow at the Atlantic Council’s Global Energy Center. “This adds another layer of uncertainty to the demand picture.”The prospect of a protracted disruption in the global economy from the virus fueled a broader market sell-off. All three major U.S. stock benchmarks slumped more than 3%, with the Dow Jones Industrial Average erasing all of its gains for the year. The S&P 500 energy index fell to an almost 10-year low, with Exxon Mobil Corp. -- one of the top performers -- sinking to the lowest level in 14 years. The yield on 10-year Treasury bonds approached the 2016 record low.Forced quarantines in the Italian regions of Lombardy and Veneto will impact demand for fuels in one of Europe’s industrial heartlands, according to David Doherty, analyst at BloombergNEF. The regions consume more than 25% of Italian oil products and account for over 30% of the country’s GDP.The OPEC+ alliance led by Saudi Arabia has struggled to agree on a collective response, dropping the idea of an early emergency gathering amid opposition from Russia. The coalition is scheduled to meet on March 5 and 6 but the rapid spread of the virus has increased pressure on the group to make a decision on deepening or extending production cuts in the face of weaker demand.West Texas Intermediate for April delivery fell $1.95 to settle at $51.43 a barrel on the New York Mercantile Exchange.Brent for April settlement declined $2.20 to settle at $56.30 on the ICE Futures Europe exchange. The contract lost 3.8% on Monday, after enjoying the longest run of gains in more than a year last week.How the Virus Is Interrupting Supply Chains From Watches to LobstersThe virus also rocked other commodities, with copper sliding 1.2%. U.S. wheat was among the biggest losers, settling 3.1% lower. Corn and soybeans also dropped. Amid the flight from risk to haven assets, gold prices climbed to seven-year highs.\--With assistance from Grant Smith.To contact the reporter on this story: Jackie Davalos in New York at email@example.comTo contact the editors responsible for this story: David Marino at firstname.lastname@example.org, Catherine Traywick, Mike JeffersFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- The most obvious symptom of coronavirus’ spread in the energy sector is the slumping oil price. The less obvious, but equally serious, signs can be found in the financing market for oil and gas producers.Exxon Mobil Corp., that haven of havens in oil, just saw its dividend yield spike above 6% for the first time since the merger that formed the modern company more than 20 years ago. If you want true stability among Big Oil in stormy seas these days, you have to go to Saudi Arabian Oil Co., or Saudi Aramco, which yields a mere 4.2% (prospectively). Then again, the remarkably subdued price moves and turnover in Aramco’s stock amid the turmoil rather underscores how its IPO was quarantined already from the wider world long before that behavior caught on elsewhere. Exxon’s fall from grace is roughly inversely correlated with its counter-cyclical investment binge; the sort of thing that worked better with investors when they (a) trusted oil majors to spend money wisely and (b) trusted oil demand to never stop going up. It will be interesting to see if the messaging on strategy has shifted at all when Exxon faces analysts in 10 days’ time.The really vulnerable crowd, however, is those oil and gas producers who had compromised their immunity with excessive leverage, exposure to natural gas or both. As I wrote here in November, E&P stocks with higher debt have performed notably worse than less encumbered peers since last spring. Coronavirus’ impact on commodity prices and sentiment in general has exacerbated that. Since the start of the year, low leverage stocks in my sample are down about 16%; not great, but better than the very-high leverage index, which has fallen more than 40%.The really eye-catching action is in the bond market. The rush to safety in Treasuries has widened an already gaping risk premium on high-yield bonds for energy issuers. The option-adjusted spread for the ICE BofA U.S. High Yield Energy Index ended Friday at 772 basis points. That’s up from 650 points at the start of 2020. But another way to look at it is that the gap between the energy index’s spread and the spread for the broader CCC-rated bond index — the junkiest end — has narrowed sharply. Indeed, this spread-of-the-spreads is now narrower than at any time since early 2016, the very depths of the oil crash:Besides the echoes of that earlier panic in today’s market, the structure of the sector plays a part. In terms of face value, almost a fifth of the energy high-yield index — which is the biggest sector of the overall index — is rated triple-C or less. That segment of the market is highly concentrated in relatively few issuers, with the top five accounting for roughly half the market value, according to CreditSights. That, er, upper echelon is dominated by the truly suffering oilfield services sector, with issuers such as Transocean Inc. and struggling gas-weighted producer Chesapeake Energy Corp., whose stock hasn’t traded above a buck since early November.Meanwhile, single-B issues account for roughly another 40% of the index. While this segment is less concentrated, the biggest issuers consist of oilfield services again, gas-heavy producers and midstream names such as Genesis Energy LP, which, as an aside, slashed its dividend in late 2017 to save cash but now sports a higher yield than before that (see this for some history).This is a target-rich environment for a curve ball like coronavirus. While oil dominates, keep an eye on natural gas, which had been hit hard by the mild winter already. Benchmark prices are below $2 in the late February, and they are only that high because of the escape valve of liquefied exports. Now coronavirus is leading some buyers to refuse cargoes. If that spreads, then the effect will move quickly back up the chain to crash prices further in a U.S. market where the flaming flares of west Texas illuminate the glut in depressingly literal terms.There was some relief in energy circles last week, and not just because virus-related fears had subsided. Several Permian-focused E&P companies, such as Diamondback Energy Inc. and Pioneer Natural Resources Corp. reiterated plans for bigger payouts, signaling they were sticking with newfound strategies of drilling less and rewarding shareholders with more cash. Monday serves as a reminder that the hole, dug over the course of years, is deep. A broad shift in the sector’s mindset, while welcome, has come late and under duress. And the duress is intensifying. To contact the author of this story: Liam Denning at email@example.comTo contact the editor responsible for this story: Mark Gongloff at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Details the 52-week lows for the following companies: Exxon Mobil, Chevron, Enterprise Products Partners, DuPont de Nemours, Baker Hughes and Plains All American Pipeline Continue reading...
Energy stocks suffered a broad selloff Monday, as worries about the economic impact of the global spread of COVID-19 knocked crude oil prices lower. The SPDR Energy Select Sector ETF slumped 4.1% to the lowest price seen since January 2016, with all 28 components losing ground. The biggest losers were shares of Cimarex Energy Co. , which shed 6.5%, and Devon Energy Corp. , which lost 6.4%. Among more active components, shares of Exxon Mobil Corp. gave up 3.3%, Marathon Oil corp. dropped 5.7% and Kinder Morgan Inc. declined 1.8%. While not in the energy ETF, Chesapeake Energy Corp.'s stock tumbled 4.0%, and hit an all-time intraday low of 40.30 cents. Meanwhile, crude oil futures fell 4.6% to $50.95 and the S&P 500 slid 2.5%.
(Bloomberg Opinion) -- One of the trendiest ideas in finance is something called “social impact investing,” which is the idea that people should put more money into socially beneficial companies and products, and less into socially harmful ones. That hardly sounds objectionable, but I am skeptical about how much good social impact investing can do.The first risk is that social impact investing will be used to “whitewash” various harmful policies. By divesting from a particular set of companies, an investment fund loses at most a very small benefit from an additional degree of broader market diversification. The fund still is likely to earn the market rate of return on its other investments, and in the meantime it can claim virtuousness. At the same time, the funds can pursue socially harmful policies elsewhere: investing in companies that lobby for tariff protection, say, or emit less visible forms of pollution, or how about refined sugar?A second risk is that social impact investing simply redistributes wealth from investments — maybe to less socially conscientious individuals. Imagine a socially conscious investment firm that declines to participate in the initial public offering of a company that pollutes the ocean. That might create downward pressure on the price of the IPO. But there is a problem: The value of the actual investment has not declined, so at a potentially lower IPO price other investors will step in to fill the demand. In fact, those investors may have the chance to buy at a discount and earn a higher return than otherwise.The net result is that conscientious investors have missed out on a profitable opportunity, while less socially aware investors have earned more. Over time, the less socially aware investors will become richer, and their greater wealth may translate into greater political and economic influence.Maybe this effect isn’t large, but it is negative, and it will become correspondingly larger to the extent social impact investing becomes more popular (in 2018, the money pouring into sustainable investment funds quadrupled, rising to about $21 billion). That doesn’t sound like an appealing trade-off.But put that worry aside and assume that social impact investing simply makes it easier to get a solar power company off the ground with an IPO or an expansion. It’s still not clear that much has been gained. At that late point in the process, the company will succeed or it won’t, no matter what the socially conscious funds do.If anything, it would be more useful to have socially conscious research and development at the very early stages of projects. To some extent there are such investments, and I am more sanguine about being conscientious then than when companies already exist and funds are making investment decisions.It is also difficult to monitor the performance and social efficacy of the funds focused on doing good. In actively managed sustainable equity funds, for example, the most commonly held stocks are estimated to be Microsoft, Alphabet, Visa, Apple and Cisco. I have nothing against those companies, but you have to wonder exactly how much social improvement those investment funds are buying.Norway’s fossil fuel divestment is well-publicized. Less well known is that it exempted Shell and Exxon. There simply aren’t clear benchmarks for which investments to avoid, and of course some critics will portray technology companies as the embodiment of evil.Too many of the empirical arguments for social impact investing stem from a single example: South Africa under apartheid. In that case, a coordinated campaign of divestment and international economic and social pressure did hasten the end of apartheid, all for the better. But most sanctions are not very effective at achieving their stated political goals, or their effectiveness may be unclear. South Africa may have been a special case because it was relatively small and isolated, and because so many South Africans had ceased to believe in apartheid.Investment in socially beneficial activities can be worthwhile. But it ignores the question of who decides what is “beneficial,” and it is yet another example of how politics and media are becomingly increasingly performative. Everything is about looking good instead of substance. It is increasingly difficult for businesses and investment funds to perform their proper work under the glare of perpetual debate and periodic condemnation.The notion of extending that same glare to economic investments makes is hardly reassuring. I’ve yet to see a conception of social impact investing that I find convincing.To contact the author of this story: Tyler Cowen at email@example.comTo contact the editor responsible for this story: Michael Newman at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Tyler Cowen is a Bloomberg Opinion columnist. He is a professor of economics at George Mason University and writes for the blog Marginal Revolution. His books include "Big Business: A Love Letter to an American Anti-Hero."For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Plans to double Papua New Guinea’s gas production could be revived, according to the outgoing head of resources company Oil Search, who expects a deal between oil majors and the nation. Peter Botten, who will stand down as managing director of the Australian-listed business on Tuesday, said he was optimistic that talks between Exxon, Total, Oil Search and PNG authorities could still result in the $13bn expansion of PNG LNG going ahead.
DOW UPDATE The Dow Jones Industrial Average is declining Friday morning with shares of Nike and Microsoft seeing the biggest declines for the blue-chip average. Shares of Nike (NKE) and Microsoft (MSFT) have contributed to the blue-chip gauge's intraday decline, as the Dow (DJIA) was most recently trading 185 points (0.
Gas production at the Groningen field in the northern Netherlands can be lowered to below the 11.8 billion cubic metres (BCM) initially targeted this year, the government said on Friday. "A further reduction is possible this year: from the expected 11.8 BCM to 10 BCM," it said in a statement. The Dutch government had said it would lower production as quickly as possible to prevent earthquakes caused by extraction.
DOW UPDATE Dragged down by losses for shares of Microsoft and Chevron, the Dow Jones Industrial Average is down Friday morning. Shares of Microsoft (MSFT) and Chevron (CVX) are contributing to the index's intraday decline, as the Dow (DJIA) was most recently trading 258 points lower (-0.
ExxonMobil announced today that ExxonMobil Catalysts and Licensing LLC has launched its InFocus Online Platform to help customers optimize plant performance, increase operational efficiency and minimize production interruptions. Users can now use secure, near-real-time data to make faster, more informed decisions and collaborate more easily with ExxonMobil technical support. The platform has been tested and piloted with early adopters and has already been fully deployed in multiple facilities.
Read enough financial coverage about the COVID-19 outbreak, and there's plenty, and one of the takeaways is apparent: China's willingness to step up and support the world's second-largest economy. It's a point I've highlighted several times in this space over the past few weeks and one that's relevant today because Beijing is a big reason why stocks in the U.S. rallied.Source: Provided by Finviz * The S&P 500 jumped 0.47%. * The Dow Jones Industrial Average climbed 0.4%. * The Nasdaq Composite surged 0.87%. * Disney (NYSE:DIS), a Dow component that has been dragged lower by COVID-19 headlines, jumped about 1.6% today and was the leader in the blue-chip index.Chinese policymakers know that they could face an economic crisis if the novel coronavirus doesn't abate soon and analysts are already forecasting a massive slowdown in first-quarter GDP growth with estimates ranging anywhere from 1% to 3%, well below the 6% China is hoping for this year.InvestorPlace - Stock Market News, Stock Advice & Trading TipsHere in the U.S., there was some decent data on the real estate front. Earlier today, the Commerce Department said housing starts declined by less than expected last month while permit applications jumped near a 13-year high. Perhaps surprisingly, shares of Home Depot (NYSE:HD) didn't respond much to that news, as the stock traded slightly lower today.By the end of the trading day, 14 of 30 Dow components were higher. Boeing UpdateThere has been a bit of break from Boeing (NYSE:BA) in this space recently, but the company was back in the spotlight today amid reports that the company found debris in the engines of some 737 Max jets that have been sitting in storage. * 7 5G Stocks to Buy Now for the Future Boeing didn't say how many planes had engine debris. Whether its 2 or 200 isn't the issue. The issue is regulators will view this as a quality control concern, one that could hamper the company's ability to get the 737 Max airborne again by the middle of this year.Boeing is dealing with the issue by providing new checks and guidelines for employees to use when examining jets in storage. Time will tell if this enough to get the 737 Max back in the skies by July. Relief For OilWith oil prices settling at three-week highs, Exxon Mobil (NYSE:XOM) and rival Chevron (NYSE:CVX) were among the Dow winners today. Perhaps equally as important is that several exploration and production stocks -- companies that are usually viewed as more volatile and riskier than Chevron and Exxon -- recently boosted dividends.That could allay concerns, particularly those pertaining to Exxon, that the two oil giants may not extend their long-running payout increase streaks this year. Bank BounceThere was some strength in financial names today, led by Goldman Sachs (NYSE:GS) and JPMorgan Chase (NYSE:JPM), the latter of which may have gotten a lift on news of some reshuffling in its investment banking division.Recoveries have to start somewhere and this could be that start for the financial services sector, which has seen some of its bigger names crimped by low interest rates to start 2020. Bottom Line on the Dow Jones TodayIt's hard to argue with Wednesday's results, particularly with the Nasdaq-100 and S&P 500 indexes ascending to new records. Interestingly, the dollar and gold got in on the act, not to records, but with some notable upside.Going forward, an obvious potential headwind is just how destructive the coronavirus has been to the Chinese economy. Global investors may be able to deal with a quarter of slack growth, but Beijing adjusts full-year forecasts too far below 6%, that will likely roil markets.As of this writing, Todd Shriber did not own any of the aforementioned securities. He has been an InvestorPlace contributor since 2014. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 'Strong Buy' Stocks With Over 50% Upside Potential * 5 Emerging Markets ETFs to Consider as 2020 Rebound Plays * 4 Stocks to Buy No Matter Who Wins the 2020 Election The post Dow Jones Today: China Steps Up, Help on the Home Front appeared first on InvestorPlace.
Many investors undertake tax-loss harvesting at the end of every tax year. The strategy involves selling stocks, mutual funds, exchange-traded funds (ETFs), and other investments carrying a loss to offset realized gains from other investments. The Internal Revenue Service (IRS), many states, and some cities assess taxes on individuals and businesses.
The Fed might steal the show today with minutes from its last meeting and a host of speakers approaching podiums. Five Fed officials deliver remarks Wednesday at separate events. Some things to consider listening for—besides any interest rate or balance sheet observations—include their thoughts on how coronavirus might affect the economy, the impact of the virus on China, the latest inflation data, and how U.S. economic growth is shaping up.
While the S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite index hover near all-time highs, energy stocks have fallen on very hard times. Exxon Mobil (XOM) — the world’s most valuable public company as recently as 2012 — has seen its stock price plunge about 40% from its all-time high above $100 a share in June 2014, a loss of more than $180 billion in market capitalization. The Energy Select Sector SPDR ETF (XLE) the largest energy-sector ETF, is down by a similar amount from that date.