Economic Havoc Fuels ExxonMobil First Quaterly Loss in 32 Years

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  • #23595
    ThePitBoss
    Participant

    Oil giant ExxonMobil reported better than expected first…

    [article]2047[/article]

    #23665
    TradersCom
    Keymaster

    Updating Exxon $XOM via PIRATE BIGGS @Saburgs
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    $XOM bit heavy here but still think she can hold>44 on dips

    #23666

    there will be blood 👿 ) .

    As travel & improved trade returns — BIG OIL will go up gradually in value 8) — in more of a “U” shaped recovery … Virginia & Michigan are 2 of very strictest essentials only — and we’ll be dragging up the rear – lol (and some of this is more political than protective — still I’m obeying law 100% to be safe for myself + others).

    30% huge spike in dead batteries in SW VA … including my Toyota Avalon 2004 classic for not starting in about 10 days – as work-from-home is super busy for us now & did not want to take chances of “non-essential” travel in even doing some pleasure driving — but security alarm & other items are parasites on a battery & once you lose charge it’s usually time for a new one. We are going to get Advance Auto to attempt to recharge 1st.

    As I shared a while back the MINUS 35 per barrel[/color] had to be a buy of lifetime — UN-BULL-EVIL-ABLE 👿 … even now OIL is excellent LONG term BUY in $25 range.:)[/b”>

    #24072
    ClemSnide
    Participant

    Goldman Sachs analyst Mehta – Sell Exxon, buy Chevron and Conoco ahead of upcoming earnings

    Goldman analyst says Buy Chevron (NYSE:CVX) and ConocoPhillips (NYSE:COP) AND sell Exxon Mobil (NYSE:XOM), ahead upcoming earnings reports.

    Mehta said perhaps the most important metric to watch is free cash flow, and expects Chevron and Conoco “could see net debt broadly unchanged at quarter-end, thanks to capital discipline and boosted by asset sales closed during [Q2], while Exxon could see large debt builds.”

    Mehta reiterates Buy ratings on both Chevron and Conoco, with respective $112 and $56 price targets, and believes both look well leveraged to an oil recovery, whenever that may be.

    Mehta has a Sell rating on Exxon and $42 price target, lowered by $2, seeing the stock as expensive on valuation relative to U.S. majors, with “challenged” free cash flow generation and dividend coverage, and even with the stock’s YTD decline, he is too concerned about the near-term risks to its recovery to recommend it to bargain hunters.

    Goldman forecasts Exxon’s debt load will swell to $57B as the company relies on borrowed money to sustain dividend payouts amid negative cash flow.

    Exxon said earlier this week that lower oil prices will take a $2.1B-2.5B chunk out of Q2 upstream earnings while weaker refining margins will whack downstream earnings by $700M-900M.
    https://traderscommunity.com/index.php/stocks/earnings-reports/2048-chevron-earnings-crushed-by-virus

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