Why ExxonMobil Stock Rose as Much as 6.5% in Morning Trading
Shares of integrated oil major ExxonMobil (NYSE: XOM) were higher by about 6.5% at one point in morning trading on Tuesday. The company's earnings announcement, which came out before the open of trading, was the driving force here. But the actual results were likely less important than the other things management said.
Oil and natural gas prices have been fairly strong for a while, and investors basically went into Exxon's fourth-quarter 2021 earnings expecting to hear good numbers.
They weren't disappointed, with the company reporting revenue of nearly $85 billion, up from $46.5 billion in the same quarter of 2020. Adjusted earnings were $2.05 per share, up from an adjusted profit of $0.03. Both numbers bested analyst expectations, which were for revenue of $82.4 billion and earnings of $1.96 per share. Investors like when a company beats expectations, so this was good news overall, but the good quarter was still not a shocking development given the recent commodity strength in oil and natural gas.
Source Fool.com
