Exxon Mobil shares gain for a third straight session on Friday, company ceases work on gas pipeline at Papua New Guinea site

July 9, 2018 8:42 am

Exxon Mobil Corporation (XOM) said on Friday that it had halted construction on the Angore gas pipeline in Papua New Guinea’s highlands in late June, as its building sites suffered damages during the civil unrest in the region. The oil major, however, did not specify when the work process would be resumed.

Exxon Mobil shares closed higher for a third consecutive trading session in New York on Friday. The stock inched up 0.02% ($0.02) to $82.33, with the intraday high and the intraday low being at $82.70 and $81.66 respectively.

Shares of Exxon Mobil Corporation have retreated 1.57% so far in 2018 compared with a 3.22% gain for the underlying index, S&P 500 (SPX).

In 2017, Exxon Mobil’s stock dropped 7.33%, thus, it again underperformed the S&P 500, which registered a 19.42% return.

“All work at the Angore wellpads and pipeline construction has been suspended and all impacted personnel are in the process of being demobilized or reassigned,” a spokesperson for ExxonMobil PNG was quoted as saying by Reuters.

The pipeline with a total length of about 11 kilometers is being constructed to link the Angore gas field with the Hides gas conditioning plant. According to Exxon’s spokesperson, the construction halt will not affect production in the area.

According to CNN Money, the 21 analysts, offering 12-month forecasts regarding Exxon Mobil’s stock price, have a median target of $85.90, with a high estimate of $110.00 and a low estimate of $70.00. The median estimate represents a 4.34% upside compared to the closing price of $82.33 on July 6th.

The same media also reported that 12 out of 23 surveyed investment analysts had rated Exxon Mobil’s stock as “Hold”, while 8 – as “Buy”. On the other hand, 3 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Exxon Mobil stock are presented as follows:

R1 – $82.43
R2 – $82.52
R3 (Range Resistance – Sell) – $82.62
R4 (Long Breakout) – $82.90
R5 (Breakout Target 1) – $83.24
R6 (Breakout Target 2) – $83.38

S1 – $82.23
S2 – $82.14
S3 (Range Support – Buy) – $82.04
S4 (Short Breakout) – $81.76
S5 (Breakout Target 1) – $81.42
S6 (Breakout Target 2) – $81.28

By using the traditional method of calculation, the weekly levels of importance for Exxon Mobil Corporation (XOM) are presented as follows:

Central Pivot Point – $82.37
R1 – $83.41
R2 – $84.50
R3 – $85.54
R4 – $86.59

S1 – $81.28
S2 – $80.24
S3 – $79.15
S4 – $78.07

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