With earning season upon us, a plethora of companies are set to see their stock price react to coveted revenue results. That will set the tone for the next several months, with many hoping to end the year in a positive light. Exxon (XOM) is looking to that end result, as it outperformed the market Monday as its Q3 report nears.
Exxon Mobil had increased 0.6% Monday as it ended the trading day at a price of $120. Yet, the start of the week saw the entire stock market underperform, with the S&P 500 Index (SPX) down 0.18% and the Dow Jones Industrial Average (DJIA) down 0.80%. Yet, XOM has seemingly bucked the trend and repeated more of the same Tuesday.
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Exxon Is Monday Outlier as Q3 Report Is Incoming: Can It Capitalize?
October tends to bring with it optimism or concern throughout Wall Street. As companies prepare for earning season, traders get a better insight into how these values will move throughout the end of the year. Therefore, they are always bound to help and hinder different entities.
It seems the anticipation is helping one of the largest gas companies on the planet. Exxon (XOM) outperformed the entire stock market Monday as the company is awaiting its Q3 earnings report. The stock closed at $126.34, which was just $6.26 below its 52-week high. Moreover, the performance reversed what had been a two-day declining trend for the company.
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The company announced today that it will release its Q3 financial results on November 1st, 2024. That could be key in continuing what has been a positive October month for the organization. Throughout the last 30 days, the stock has increased more than 4.11%. That places it atop the entire oil-energy sector with a loss of 8%.
Exxon is expected to report earnings of $1.95 per share. Yet that figure is expected to be a 14% decline year-over-year. However, that will be balanced by revenue of $94.24 billion, which would be up 3.8% from the prior quarter. Altogether, it could benefit from matching consensus. If it failed to do so, the stock could be eyeing a notable decline.