Exxon (XOM) Stock Closed Down as Oil Prices Fell
NEW YORK (TheStreet) -- Exxon Mobil (XOM) - Get Report stock closed lower by 1.14% to $88.65 in Friday's trading session, as oil prices declined on a stronger dollar.
Oil prices snapped a three-day rally this afternoon after the dollar reached a more than two-week high against a basket of currencies, Reuters reports. A stronger dollar makes fuel imports more expensive to foreign buyers, which could weigh on demand.
Additionally, OPEC pumped 32.44 million barrels per day last month, an increase of 188,000 barrels per day from March. This is the highest since at least 2008, according to Reuters.
The group warned that the global supply glut might increase this year.
Crude oil (WTI) is sliding by 0.79% to $46.33 per barrel this afternoon, while Brent crude is falling by 0.46% to $47.86 per barrel.
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 and largely solid financial position with reasonable debt levels by most measures are countered by 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
Recently, 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.
