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Exxon Mobils Stock Decreases After Goldmans Decision

Exxon Mobil securities extend lowering for the second day in a row, marking the worst results for the lat ten years, after Goldman Sachs analyst announced, that it’s just time to sell shares, pointing out worries that the oil giant is on its way to miss its target for investment returns.

exxon shares dropPhoto: Reuters

The oil heavyweight shares decreased by 2.24 percent to buck the rally in the broader stock market. One should mention, that Exxon Mobil was among the leading losers in the Dow Jones on Monday.

It’s important to underline, that Exxon Mobil’s stocks showed their 13th loss in the last 14 sessions, easing by around 13 percent. The oil giant securities are already too close to their lowest level since September 2010.

Goldman Sachs downgraded Exxon securities from “neutral” to “sell”, being that rare case for at least the past three years. The stock price target was lowered by 18 percent, from the prior $72 percent to $59.

Before this downgrading, only 3 of the 23 analysts inquired by FactSet were leaning to descend on Exxon, and only 16 percent of the firms covered by Goldman Sachs analysts got the sell rating.

Source: Marketwatch


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