NEW YORK, NY / ACCESSWIRE / February 5, 2018 / Both Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) shares headed into the red on Friday after quarterly earnings for both companies had investors worried. Despite rising crude prices, the companies fell short on impressing Wall Street. Oliver Pursche of Bruderman Brothers LLC, a wealth manager, remarked, "We got carried away with our expectations, and by we, I mean Wall Street as a whole."
RDI Initiates Coverage on:
Chevron Corporation
https://rdinvesting.com/report/?ticker=CVX
Exxon Mobil Corporation
https://rdinvesting.com/report/?ticker=XOM
Chevron Corporation shares closed down 5.57% on about 13.1 million shares traded this past Friday. It was the company's weak earnings results that had Wall Street concerned and sending shares lower. EPS of 72 cents, excluding the tax change and one-time items. This was significantly below the $1.22 that analysts had been waiting for. Including the $2 billion benefit to its net income from a tax benefit, earnings per share was $1.64. Revenue however was a smash at $37.62 billion. It was an increase from $31.50 billion in the quarter a year ago and also above the $37.59 billion that analysts had been waiting for. On a positive note the oil and gas company also raised its quarterly dividend, moving it from $1.08 a share to $1.12. The dividend will be payable to stock holders in March.
Access RDI's Chevron Corporation Research Report at:
https://rdinvesting.com/report/?ticker=CVX
Exxon Mobil Corporation shares closed down 5.10% on Friday with nearly 30 million shares traded. The stock's drop on Friday was the biggest one day drop for the company since 2011. It was a miss in earnings that sent shares down. The world's largest publicly traded oil producer reported earnings of 88 cents a share, excluding the tax change and one-time items. Analysts were expecting $1.04 a share so this did not bode well for trader confidence. The miss was a rare thing for Exxon and traders reacted. Falling production as well as weakness in the company's chemical and refining operations were cited for the miss. The company announced that it would increase its Permian shale production to about 600,000 barrels of oil equivalent per day by 2025. The move is a part of a plan to invest $50 billion in the United States due to the tax reform recently signed by President Trump. CEO Darren Woods remarked, "The impact of tax reform on our earnings reflects the magnitude of our historic investment in the U.S. and strengthens our commitment to further grow our business here." The company will have its annual investor day on March 7th.
Access RDI's Exxon Mobil Corporation Research Report at:
https://rdinvesting.com/report/?ticker=XOM
Our Actionable Research on Chevron Corporation (NYSE: CVX) and Exxon Mobil Corporation (NYSE: XOM) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com
Source: ACCESSWIRE Investor Awareness
(February 5, 2018 - 8:10 AM EST)
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