It looks like big tech isn’t the only big winner today; big oil was winning too. Marketwatch reports that:
Shares of Exxon Mobil Corp. XOM, +0.62% jumped 1.6% in premarket trade Friday, after the oil giant blew past earnings estimates for the third quarter. Exxon said it had net income of $3.97 billion, or 93 cents a share, in the quarter, up from $2.65 billion, or 63 cents a share, in the year-earlier period. Revenue jumped to $66.2 billion from $58.7 billion.
This is terrific news for Exxon. CNN says investors feared the worst after two major hurricanes damaged several of their refineries in the Gulf of Mexico. Even with these setbacks, the world’s largest oil conglomerate seems poised to stay at the top.
It isn’t just oil and gas prices that have Exxon smiling. CNN also reports that:
For the fourth quarter in a row, Exxon generated enough money through its business and asset sales to cover the cost of its dividends and investments.
This should allow the company to sustain or even grow its dividend going forward, which is a major boon for investors.
If you are interested in investing in oil, Exxon has been and should continue to be one of the top blue chip stocks in the industry. Consider giving it a look, it may be the missing piece from your portfolio.
To read Marketwatch’s report on Exxon’s earnings, click here.
To read CNN‘s article on Exxon’s earnings, click here.
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