Company Of The Day: Exxon Mobil
What?
Activist fund Engine No. 1 – which has been pushing Exxon Mobil (NYSE:XOM) to invest more in renewables and shift away from fossil fuel – won at least two board seats at Exxon’s annual shareholder meeting held on Wednesday.
Why?
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Engine No. 1, which has targeted Exxon since December, holds only a 0.2% stake in the company. However, the fund won the support of some of the company’s biggest shareholders including Blackrock and the California State Teachers’ Retirement System.
So What?
While Exxon is already investing in low-carbon technologies, it lags behind the companies such as BP and Total that are investing heavily in renewables like wind and solar energy. The shareholder’s vote indicates that Exxon will need to push its clean agenda more seriously.
See Our Complete Analysis For Exxon Mobil
While we think Exxon Mobil stock looks slightly undervalued, it is helpful to know how its peers stack up. Exxon Stock Comparison With Peers summarizes how Exxon compares against peers on metrics that matter. You can find more useful comparisons on Peer Comparisons.
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