Updated July 16, 2018 12:35:10The market for ExxonMobil shares was trading near $60 for the first time in over two weeks on Thursday, according to Bloomberg.
ExxonMobil shares fell below $62, down from its record high on June 25 and have been falling since.
The company’s shares closed Friday at $61.25.
The stock has also been hurt by falling crude oil prices and higher demand from China.
The company posted a quarterly loss in its most recent fiscal year, and analysts believe the current downturn could be a harbinger for a second.
Exemptions were issued in the fourth quarter of 2018 and ExxonMobil was able to take advantage of them by trading in advance of the filing deadline.
“The market remains in a strong state of recovery after the last two-plus quarters of decline and is poised to return to a long-term trend in a relatively short time frame,” analysts at Morgan Stanley wrote in a note to investors.
“While the outlook for Exxon’s outlook remains challenging, we believe the market is now in a stable and sustainable position,” the analysts wrote.
Excluding oil, ExxonMobil had net income of $7.3 billion for the fiscal year ended March 31, a 3.5% increase from the prior year.