Exxon Mobil's [XOM] share price has slipped 26.16% in the past 12 months to 29 January’s close, giving the impression that what was once the biggest company on the planet is now something of a dinosaur as volatile oil prices and the transition to greener energy conspire against it.
Exxon Mobil’s share price experience is indicative of a continued shift as investors gravitate towards stocks that extoll their green credentials. Nowhere is this more apparent than the financial press, where features dedicated to electric car manufacturers sit alongside ads for the latest ESG funds.
Opto’s own thematic ETF screener shows that oil producer ETFs are down over 25% on the year, making them the worst performer with available data.
So, is Exxon Mobil’s share price about to go kaput along with other oil suppliers as the world moves towards greener energy?
Wall Street backs Exxon Mobil’s share price
Oil producers might sit alongside big tobacco in some people’s eyes, but not Wall Street. Over the past couple of months, Exxon Mobil’s share price has received a spate of analyst rating upgrades, sending it up over 17.6% since 30 November (through 29 January’s close).
December saw Goldman Sachs recommend Exxon Mobil’s share price for the first time ever. Goldman cited cost reductions and improved f