Earnings Of Oil Companies Not Looking Too Good

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Earnings Of Oil Companies Not Looking Too Good

By David Spurr on January 5, 2009 | More Posts By David Spurr | Author's Website

I’m not getting too excited about this rally. Oil companies and banks are going to report fourth quarter results January 15th through the 30th. I’m going to guess that with all the dilution the banks have suffered due to capital raising and the drop in oil prices from 145 to 40, earnings numbers will not be too good. How can Exxon (XOM) continue to trade at 80 or so, when the price of oil has plummeted? This stock should drop to 40 over the next couple of quarters, unless oil spikes back to 150. Maybe the stocks are trying to tell us that this is where oil is headed?

Exxon Looking Like a good short.

Chevron (CVX) - ditto

Conoco Phillips (COP) actually looks like it might have some upside.

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