NEW YORK (TheStreet) -- Exxon Mobil (XOM) - Get Report stock is sliding by 0.17% to $84.39 in late-afternoon trading on Wednesday, as an investigation into whether the energy company misled investors about the potential effects of climate change expands to Massachusetts.
Massachusetts is joining New York in its probe into the energy company's climate change disclosures, Bloomberg reports.
The New York investigation has been active since at least November, at which point New York Attorney General Eric Schneiderman subpoenaed Exxon documents such as communications with trade groups, Bloomberg adds.
"With more states jumping on board, these investigations are sure to generate some serious waves," May Boeve, executive director of 350.org, an environmental advocacy group, told Bloomberg. "We'll be looking for the Department of Justice and many more cities and states to get involved."
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, solid stock price performance 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, weak operating cash flow and poor profit margins.
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 articles's author.