Will ExxonMobil Cut Its Dividend?
The 2019 coronavirus disease pandemic has had a huge impact on the global economy. Many blame the outbreak for the fight between Russia and OPEC that precipitated a massive sell-off in the crude oil markets, with prices falling as low as $20 per barrel. At those prices, even giants of the industry like ExxonMobil (NYSE: XOM) have seen their businesses come under considerable pressure. Exxon's stock is down about 55% just in 2020 alone, and it's been in a downward trend for several years now.
As a blue chip stock and a component in the Dow Jones Industrial Average, ExxonMobil has a wide following among investors. The oil giant is also a dividend stock favorite, because it has a long history of not only paying dividends consistently but also raising its payout amounts over time. With the coronavirus threat here, however, companies across the economy are looking at cutting their dividends. Facing a vulnerable situation, ExxonMobil has some people worried about the fate of its quarterly payout. With that in mind, we'll look below at ExxonMobil's history of dividend payments and whether current concerns are warranted.
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Source Fool.com
