ExxonMobil sinks after rare earnings miss
- ExxonMobil is trading down more than 5% after missing on earnings and revenue.
- Exxon has missed expectations just four times in the last 16 quarters.
- Wall Street remains optimistic.
ExxonMobil shares tumbled after the company missed on earnings and revenue Friday. The stock is down more than 5%, hovering just above $84 a share.
The company reported earnings of $1.04 per share on revenue of $66.52 billion, missing the $1.07 and $74.44 billion that Wall Street was expecting. The earnings miss was just the fourth for Exxon in the last 16 quarters, according to Bloomberg data.
Despite the disappointing results, Wall Street remains mildly optimistic on the stock, with eight of 23 analysts rating it a buy and six rating it a sell.
Jason Gammel, an analyst at Jefferies, is one of those optimists. Although Gammel notes that the company missed on earnings, revenue, and production, he remains slightly bullish with a $90 price target.
Shares of Exxon are up less than 1% in 2018.