Analysts on Wednesday trimmed their profit estimates for Exxon Mobil Corp after ...
) after the largest publicly traded oil producer pointed to weaker third-quarter results in a regulatory filing due to weaker oil prices and chemicals margins.
Exxon’s summary of business changes during the quarter ended Sept. 30 showed it “continues to struggle to generate strong earnings,” analysts at Mizuho Securities USA wrote in a client note. The consensus estimate prior to Tuesday’s filing was for profit of 86 cents per share, according to Refinitiv Eikon. But after Exxon signaled weaker oil prices and chemicals margins, several brokerage houses cut their earnings forecasts.
Exxon’s range of impacts indicate per-share earnings of between 54 and 67 cents, RBC Capital Markets analysts wrote. Margins in the company’s chemicals business “remain extremely weak, driven by trade-war related issues and ample supply,” said RBC analyst Biraj Borkhataria.
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