2024-01-08 12:47:55 ET
It's looking like a kind of good news, bad news day for investors in oil stocks on Monday.
On the good news side of the board, two big Wall Street banks -- Truist and Piper Sandler -- just raised their price targets on three of the nation's biggest oil companies: ExxonMobil (NYSE: XOM) , Chevron (NYSE: CVX) , and ConocoPhillips (NYSE: COP) . At the same time, however, there's bad news on oil demand coming out of Saudi Arabia -- and that seems to be overwhelming the good news, driving down oil prices and oil stock prices , too.
As of 11:15 a.m. ET, ExxonMobil stock was down 2.8% from Friday's close, ConocoPhillips shares were off 2.6%, and Chevron had shed 1.7%.
For further details see:
Why ExxonMobil, Chevron, and ConocoPhillips Stocks All Just Dropped