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Market Update: Exxon Mobil Corporation (NYSE:XOM) – Exxon Mobil must allow climate change vote -SEC

[Reuters] – The U.S. Securities and Exchange Commission has ruled Exxon Mobil Corp must include a climate change resolution on its annual shareholder proxy, a defeat for the world’s largest publicly traded oil producer, which had argued it already provides adequate carbon disclosures. In a Tuesday letter to Exxon seen by Reuters, the SEC said the oil producer cannot keep a proposal spearheaded by New York state’s comptroller from a full shareholder vote at the company’s annual meeting in May. If approved, the proposal would force Exxon to outline specific risks that climate change or legislation designed to curb it could pose to its ability to operate profitably. Read more on this. Exxon Mobil Corporation (XOM) , with a current value of $347.79B, opened at $83.86. Today, shares have traded between $83.52 and $84.30 per share with the price of the stock fluctuating between $66.55 to $90.09 over the last 52 weeks. Exxon (XOM) shares are currently priced at 36.26x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s -1.68x earnings multiple for the same period. The company pays shareholders $2.92 per share annually in dividends, yielding 3.49%. According to a consensus of 17 analysts, the earnings estimate of $0.32 per share would be $0.85 worse than the year-ago quarter and a $0.44 sequential decrease. The full-year EPS estimate is $2.32 which would be a $1.53 worse than last year’s full-year earnings. The quarterly earnings estimate is predicated on a consensus revenue forecast of $48.02 Billion. If reported, that would be a 28.99% 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. The average price target for XOM shares by the analysts covering it is $80.52, which is 3.98% below where the stock opened. See more in (NYSE:XOM) Similar Articles: Company Update (NYSE:XOM): Exclusive: New York asks SEC to force climate vote onto Exxon proxy Market Update: Exxon Mobil Corporation (NYSE:XOM) – Exxon Mobil Corporation Declares First Quarter Dividend Market Update: Exxon Mobil Corporation (NYSE:XOM) – Rosneft, Exxon, Eni, Sasol win exploration rights in Mozambique
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