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Company Update (NYSE:XOM): S&P cuts Exxon’s credit rating to “AA+” from “AAA”

[Reuters] – Standard & Poor’s Ratings Services said on Tuesday it had cut Exxon Mobil Corp’s corporate credit rating to “AA+” from “AAA,” citing the impact of low oil prices. S&P, which maintained … Read more on this. Exxon Mobil Corporation (XOM) , with a current market cap of $363.10B, opened this morning at $87.75. Shares have traded today between $86.35 and $87.92 per share with a trailing 52-week range being $66.55 to $90.09. XOM shares are currently priced at 37.00x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s -4.01x earnings multiple for the same period. The company pays shareholders $2.92 per share annually in dividends, yielding 3.34%. According to a consensus of 21 analysts, the earnings estimate of $0.31 per share would be $0.86 worse than the year-ago quarter and a $0.16 sequential decrease. Investors should also note that the full-year EPS estimate of $2.36 is a $1.49 worse when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $45.42 Billion. If realized, that would be a 32.83% decrease over the year-ago quarter. In terms of ratings, Nomura Initiated XOM at Reduce (Mar 18, 2016). Previously, Tudor Pickering downgraded XOM from Hold to Sell. Given all the information above, we should disclose to readers that the average price target is $82.11, which is 6.43% below than it opened this morning. See more in (NYSE:XOM) Similar Articles: Company Update (NYSE:XOM): ExxonMobil Starts Production at Julia Oil Field in the Gulf of Mexico Company Update: Exxon Mobil Corporation (NYSE:XOM) – ExxonMobil Employees Spark Girls’ Interest in Engineering Market Update: Exxon Mobil Corporation (NYSE:XOM) – Exxon Mobil Corporation Declares First Quarter Dividend
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