On Monday, Exxon was removed from the Dow Jones Industrial Average, leaving Chevron as the sole energy company in the index.
Exxon's ousting was due, in part, to the oil giant's poor performance relative to Chevron, analysts at Goldman Sachs said in a note last week.
In a report published Monday, Goldman analysts offered up 10 alternative oil stocks that they say offer investors more value, from Chevron to ConocoPhillips.
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In another sign of the shifting energy industry, Exxon was removed from the Dow Jones Industrial Average on Monday, leaving Chevron as the sole oil company in the index.
Behind the ousting was years of poor performance relative to Chevron, Goldman Sachs analysts said in a note last week. The bank has long been bearish on the Texas-based oil giant, citing low cash flow and weak margins in its downstream business.
Exxon was removed from the Dow along with Pfizer and Raytheon, and the companies were replaced by Salesforce, Honeywell, and Amgen.
On Monday, the bank reiterated its negative view of Exxon. Goldman analysts said that while they no longer see as much downside risk for owning Exxon in absolute terms — partly because they believe oil is set to soar in 2021 — there are other oil companies that offer "a more differentiated value proposition."
Here are 10 companies the analysts say offer investors more value, across each segment of the industry.
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