Keep an eye on oversold oil stocks, like Exxon Mobil (XOM).

For one, XOM is technically oversold at strong support dating back to early April. It’s also slowly pivoting from over-extensions on RSI, MACD, Money Flow and on Full Stochastics.

Two, oil prices are starting to gush higher — especially with an intensifying war with Russia and Ukraine a potential war with Israel and Iran, a falling US dollar, economic uncertainty, and summer driving season, oil should gush higher.

The company will also pay out a quarterly dividend of 99 cents per on June 10 to shareholders of record as of May 15. In addition, after several firms downgraded the XOM, and after the company’s mixed earnings, it appears a good deal of negativity has been priced into the rebounding oil giant.  

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In its most recent earnings, XOM EPS of $1.76 beat by three cents. Revenue of $83.13 billion, up 0.1% year over year, missed by $2.96 billion.

And as note by XOM Chairman and CEO, Darren Woods:

“In this uncertain market, our shareholders can be confident in knowing that we’re built for this. The work we’ve done to transform our company over the past eight years positions us to excel in any environment. In the first quarter, we earned $7.7 billion and generated $13.0 billion in cash flow from operations. Since 2019, the strategic choices we made to reduce costs, grow advantaged volumes, and optimize our operations have strengthened quarterly earnings power by about $4 billion at current prices and margins.

Sincerely,

Ian Cooper

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