Exxon Mobil Shares Lower Thursday on Ratings Downgrade

Shares of Exxon Mobil (XOM) - Get Report are lower on Thursday following a rating downgrade from Bank of America Merrill Lynch. The Texas-based oil and gas corporation was downgraded to NEUTRAL from BUY ahead of Thursday's OPEC meeting in Vienna. Bank of America said that under its long-term price assumption of $80 a barrel for oil, they believe Exxon's fair value is $96 a share, that means there is still an eight percent upside from where shares are currently trading. Exxon rival and Action Alerts Plus holding Schlumberger (SLB) - Get Report was also down in early trading on Thursday.

This article was written by a staff member of TheStreet.