NEW YORK (TheStreet) -- Shares of Exxon Mobil (XOM) - Get Report are up 0.3% to $92.74 on Thursday morning as the oil giant is bolstering its lobbying of other energy companies to support a carbon tax, the Wall Street Journal reports.
This is a shift in the Irving, TX-based company's approach to climate change as the sector faces increasing pressure to address the issue.
Exxon's official position has been the same: a carbon tax is the best way to address the risks of warming temperatures. But it has not actively advocated for that goal in recent years, according to the Journal.
Recently, the company has been making the case with its U.S. counterparts to support a carbon tax, saying that the industry should not oppose all climate policies, sources cited by the newspaper said.
Additionally, Exxon's top management have been more vocal about their support for the tax and have had meetings on Capitol Hill related to legislation, the Journal said.
Separately, oil prices are retreating today. Crude oil (WTI) are dropping 2.61% to $48.58 per barrel and Brent crude is slipping 2% to $49.60 per barrel this morning.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, solid stock price performance and largely solid financial position with reasonable debt levels by most measures.
But the team also finds weaknesses including feeble growth in the company's earnings per share, poor profit margins and weak operating cash flow.
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 articles's author.
You can view the full analysis from the report here: XOM