For the uninitiated, blue chip stocks are a type of investment that refers to stocks of large, well-established companies that have a history of strong performance and are considered to be relatively safe. These stocks tend to be less volatile than others and offer a higher degree of stability and dividend payments, which can make them an attractive option for investors looking for a relatively safe and predictable return.
While they may not offer the same potential for growth as more risky investments, blue chip stocks can still provide a good source of income and long-term gains. For these reasons, they are often considered to be a good choice for conservative investors. Keeping this in mind, let’s look at three blue-chip stocks to watch in the stock market this week.
Blue Chip Stocks To Buy [Or Sell] Right Now
1. Exxon Mobil (XOM Stock)
First, Exxon Mobil (XOM) is a leading global energy company. The company offers a wide range of energy products and services. Exxon Mobil operates in nearly 200 countries and territories worldwide.
XOM Recent Stock News
Late last month, Exxon Mobil announced better-than-expected third-quarter 2022 financial results. Diving in, XOM announced 3rd quarter 2022 earnings of $4.45 per share, along with revenue of $112.1 billion. Additionally, Exxon Mobil reported a 51.9% increase in revenue on a year-over-year basis. Meanwhile, the company also reported that it declared its 4th quarter 2022 dividend of $0.91 per share, which reflects an increase of $0.03 per share.
Moreover, Darren Woods, chairman, and Chief Executive Officer at Exxon Mobil commented, “The investments we’ve made, even through the pandemic, enabled us to increase production to address the needs of consumers. Rigorous cost control and growth of higher-margin petroleum and chemical products also contributed to earnings and cash flow growth in the quarter.“
XOM Stock Chart
Moving along, shares of XOM stock are up 78.17% year-to-date so far. Looking ahead to Monday’s trading session, Exxon Mobil stock is set to open at around $113.15 a share.
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2. 3M Company (MMM Stock)
Next, 3M Company (MMM) is a global science company. 3M has a diversified product portfolio that includes health care, consumer goods, office supplies, and adhesives. In addition, the company is a major player in the medical device industry and manufactures products such as surgical masks, sutures, and Band-Aids. The company is also a leading provider of office supplies such as Scotch tape and Post-it notes.
MMM Recent Stock News
Just this month, 3M Company announced its Board of Directors declared its fourth-quarter 2022 quarterly dividend on the common stock of $1.49 per share. This dividend represents more than 100 years that 3M has paid dividends to shareholders without any interruption.
Aside from that, late last month, MMM reported a beat for its 3rd quarter of 2022 financial results. In detail, the company posted Q3 2022 earnings of $2.69 per share and revenue of $8.6 billion.
3M chairman and CEO Mike Roman commented on the quarter, “We continue to execute our strategies and deliver for our customers in a highly uncertain environment. Excluding the impact of the decline in disposable respirator sales, our team posted over 3 percent organic growth. We delivered sequential and year-over-year margin expansion, amidst macroeconomic challenges and the strengthening U.S. dollar.“
MMM Stock Chart
So far in 2022, shares of MMM are down 27.40%, while MMM stock has bounced more than 5% in the last month of trading. Going into the new trading week, MMM stock is set to open Monday morning’s trading session at around $129.06 a share.
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3. Honeywell International (HON Stock)
Lastly, Honeywell International (HON) is a large, diversified technology company that operates in a variety of industries. that produces a variety of consumer products, engineering services, and aerospace systems. In detail, the company’s products include thermostats, security systems, air cleaners, and more. The company also provides engineering services for the aviation and automotive industries.
HON Recent Stock News
In late October, Honeywell International announced better-than-expected 2022 financial and operating results. Getting straight into it, HON reported 3rd quarter 2022 earnings of $2.26 per share, along with revenue of $9 billion for the quarter. Additionally, Honeywell International said it expects Fiscal Year 2022 earnings of $8.70 to $8.80 a share, on revenue of $35.40 billion to $35.70 billion.
Furthermore, Darius Adamczyk, chairman, and CEO of Honeywell commented, “The Honeywell playbook continues to deliver outstanding results as we successfully maneuver through a challenged operating environment. These operating principles, combined with our attractive end-market exposures and differentiated portfolio of solutions, will allow us to maintain resiliency and continue successfully navigating the current economic crosscurrents. The third quarter was a strong performance for Honeywell, and I remain confident that our best quarters lie ahead.“
HON Stock Chart
Year-to-date shares of HON stock are up 6.41%, outperforming the broader markets so far in 2022. Meanwhile, looking ahead to Monday morning’s trading session, HON stock is set to open at around $220.05 a share.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.