Yesterday’s drop definitely took no prisoners. But some stocks got pulled down lower than their value.
Exxon (XOM) has been setting up support and may open a potential buying opportunity.
Helping, oil prices are rising as China starts to relax some of its COVID restrictions, and on supply disruptions at Keystone.
Even better, XOM will increase its stock buybacks to $50 billion through 2024. All after posting its biggest profit ever. “Exxon will now repurchase $50 billion of stock through 2024, expanding its previous plan of $30 billion through 2023, the Irving, Texas-based company said in a statement. The buyback will now include $15 billion of share repurchases this year, which would be the highest annual total since 2013,” according to Bloomberg.
Sincerely,
Ian Cooper
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