Exxon Mobil shares fall for a third straight session on Monday, company doubles production capacity at Newport, Wales facility

May 14, 2019 9:27 am

Exxon Mobil Corp (XOM) said on Monday that it had finished expanding its specialty elastomers production facility in Newport, Wales. As a result, the site’s production capacity has been doubled, while Exxon’s global production capacity of Santoprene thermoplastic elastomers has been bolstered by 25%.

Exxon Mobil shares closed lower for a third consecutive trading session in New York on Monday. It has also been the steepest daily loss since May 2nd. The stock went down 1.11% ($0.85) to $75.71, after touching an intraday high at $76.23 and an intraday low at $75.35.

Shares of Exxon Mobil Corporation have risen 11.03% so far in 2019 compared with a 12.17% gain for the benchmark index, S&P 500 (SPX).

In 2018, Exxon Mobil Corp’s stock went down 18.47%, thus, it again underperformed the S&P 500, which registered a 6.24% loss.

Exxon said that the project had added 35 full-time manufacturing jobs, while construction process had supported 130 jobs.

“ExxonMobil’s high-performance plastics help make automotive and consumer products lighter, resulting in improved fuel efficiency and higher performance, compared with products made with traditional materials,” Karen McKee, President of ExxonMobil Chemical Company, said in a statement.

“This Newport investment doubles the site’s manufacturing capacity of higher-value products,” McKee added.

According to CNN Money, the 19 analysts, offering 12-month forecasts regarding Exxon Mobil’s stock price, have a median target of $84.00, with a high estimate of $105.00 and a low estimate of $75.00. The median estimate represents a 10.95% upside compared to the closing price of $75.71 on May 13th.

The same media also reported that 15 out of 24 surveyed investment analysts had rated Exxon Mobil’s stock as “Hold”, while 6 – as “Buy”. On the other hand, 2 analysts had recommended selling the stock.

Weekly Pivot Levels

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

Central Pivot Point – $76.46
R1 – $77.76
R2 – $78.95
R3 – $80.25
R4 – $81.54

S1 – $75.27
S2 – $73.97
S3 – $72.78
S4 – $71.58

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