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Exxon (XOM) Stock Is Thursday's 'Chart of the Day'
Exxon (XOM) stock could be headed toward $100 soon, according to TheStreet's Chris Versace and Bob Lang.
By Rachel Graf
,
Bloomberg News
NEW YORK (TheStreet) -- Shares of Exxon Mobil (XOM) - Get Report are slumping 0.68% to $93.45 in early-afternoon trading on Thursday as it works with state-owned Qatar Petroleum to look at energy assets in Mozambique, sources told Bloomberg.
The energy companies are considering purchasing stakes in gas fields owned by Anadarko Petroleum (APC) and Eni SpA, according to Bloomberg.
TheStreet's Chris Versace and Bob Lang of Trifecta Stocks have identified Exxon Mobil as the "Chart of the Day." Here is what Versace and Lang had to say about the company:
The biggest oil company of them all has performed marvelously in 2016, hitting levels this week not seen since the summer of 2014. As crude oil has rallied sharply all year long so has Exxon Mobil, rising some 30% in the first half of the year.
We can see on the chart this stock is trading at the upper end of a narrow, but sharply higher price channel, the slope quite steep.
Relative strength has been impressive, and even when the market dipped in June this stock barely budged. The moving average convergence divergence (MACD) is still on a buy signal; this could be heading toward $100 soon.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.
Exxon's strengths such as its reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, poor profit margins and weak operating cash flow.
You can view the full analysis from the report here:
XOM
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.