Exxon stock rose 4% on dividend promise

9:01 PM March 4, 2021

Exxon (XOM.US) stock jumped more than 4% after its CEO Darren Woods reiterated the company’s commitment to its dividend. “We’re going to continue to return cash to shareholders through a very strong dividend,” Woods told CNBC today. He noted that 2020 was “certainly the worst environment” that Exxon has ever faced.  The company lost more than $20 billion last year as oil prices plunged. The company’s current yield of 6.2% is among the highest in the S&P 500, making it an attractive bet for income-seeking investors. The stock is also benefiting from rising oil prices as OPEC and most of its oil-producing allies decided to maintain production output.

Exxon (XOM.US) stock has been trading in a tight ascending channel recently. If buyers will manage to uphold momentum and break above the upper limit of this formation, then the way towards the next major resistance at $67.60 will be left open. On the other hand, once sellers regain control, the support at $55.25 may be at risk. Source: xStation5

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