The largest exchange traded fund (ETF) for the energy sector was fractionally lower in premarket trading Thursday after bellwether Exxon Mobil (NYSE: XOM) reported first-quarter profit of almost $11 billion.
Exxon is the largest holding in the $10.5 billion Energy Select Sector SPDR Fund (NYSEArca: XLE) at 17.5% of the portfolio. The sector ETF slipped before Thursday’s opening bell.
Another top holding, ConocoPhillips (NYSE: COP), on Wednesday reported higher first-quarter earnings, while Chevron (NYSE: CVX) boosted its quarterly dividend.
The energy ETF was up 16.6% year to date through April 27, according to Morningstar. [Gas ETFs Leap, Foreshadowing Pain at the Pump.]
Energy Select Sector SPDR Fund
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