Dividend.com: Step Aside as Exxon Drops

Exxon Mobil Down Nearly $20 in Three Days

Exxon Mobil(XOM Quote) is taking a major hit this week, as oil prices are down nearly $14 a barrel from last Friday's close.

The company's shares have dropped 35% in the last four months and are down nearly $20 from last week's close, as of early trading today. The drop in share price is not a surprise, as oil prices have taken a huge hit, down $45 a barrel (from the Aug. 1 price of $125 a barrel) to a recent quote of $80.

We had removed shares of Exxon Mobil from our "recommended" list back on July 31, when shares were trading at $84.38. We believe the stock is still pricey at its current levels, and we would prefer to look at the shares once the dividend yield becomes more attractive. Investors should not be in any rush to jump into any long-term positions at this point. The company has a 2.35% dividend yield, on the basis of last night's closing stock price of $68.00. ...