Exxon Mobil (NYSE: XOM) on Friday reported its quarterly profit increased from a year ago, but fell short of Wall Street's expectations.
The oil giant reported earnings of $1.09 per share, compared with $1.12 forecast
Revenue beat expectations, coming in at $68.21 billion, versus $63.59 billion in sales forecast by experts.
Exxon's profits have improved over the last year as the oil market continues to recover from a prolonged price slump. Oil prices have recently hit their highest levels since the end of 2014.
Despite returning to profit growth last year, investors sold off the company's stock after Exxon reported fourth-quarter results that fell short of Wall Street's expectations. The shares have yet to recover fully.
Exxon's stock performance has also lagged the broader energy sector, as well as its Big Oil peers like Chevron (NYSE: CVX) and Royal Dutch Shell (NYSE: RDS.A) Chevron is set to report earnings later Thursday morning.
This past Wednesday, Exxon’s board of directors declared a cash dividend of $0.82 per share on the Common Stock, payable on June 11, to shareholders of record of Common Stock at the close of business on May 14.
This second-quarter dividend compares with $0.77 cents per share paid in the first quarter of 2018.
Shares of Exxon are down about 0.5% over the last year, compared with a nearly 11% gain for the S&P 500 energy sector. Shares dipped $3.05, or 3.8%, to $77.81 Friday.
Related Stories
