Apple Inc. now bigger than Chevron, ExxonMobil, ConocoPhillips combined

Nov 16, 2019

Apple is now valued more than the entire US energy sector, according to analysts at Bank of America Merrill Lynch.

The tech giant closed Thursday with a $1.17 trillion market cap, maintaining its position as the world’s most valuable public company.

In contrast the S&P 500 Energy index closed with a $1.13 trillion market cap, dragged lower by ExxonMobil, Chevron, and ConocoPhillips.

The iPhone-maker’s stock surged after impressing investors with its fiscal fourth-quarter earnings. Apple topped Wall Street’s estimates for both revenue and profits as its wearable products and online services offset slowing iPhone sales.

The company is up about 8% since the October 30 report and posted a record-high close Wednesday.

Despite Apple’s strong momentum through 2019, BAML analysts said it still has room to grow.

The tech giant is “on course for 82.6% gain” through the end of the year, the team led by chief investment strategist Michael Hartnett wrote.

The company traded at $263.87 at 9:05 a.m. ET Friday, up roughly 0.47% from Thursday’s close.

Apple has 27 “buy” ratings, 14 “hold” ratings, and seven “sell” ratings from analysts, with a consensus price target of $255.83, according to Bloomberg data.

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