Saudi Aramco stock price gains despite tumbling Q3 profit

Invezz

Published

Saudi Aramco (SE: 2222) stock price closed the day 0.58% in the green after the oil titan reported third-quarter earnings.  Fundamental analysis: Weak demand due to coronavirus Saudi Aramco posted a 44.6% plunge in net profit in the third quarter as the coronavirus pandemic keeps weighing on demand and crude prices. Stocks of oil companies plummeted this year as a result of fears among investors over the weak energy demand due to the coronavirus crisis. Oil prices hit the nearly 2-decade bottom following the virus outbreak in March, and have barely recovered since, stimulating oil giants like Aramco, Shell and

Full Article