![]() The company is a leader in its niche and has steadily paid dividends for the past 17 years. It remains one of the top dividend stocks to buy now. Based in Oklahoma City, the company has a hydrocarbon exploration business which has a strong dividend yield. One of the best oil stocks to buy is Devon Energy (NYSE: DVN). This means it is also preparing for a future that is less reliant on gasoline. The company has also joined the electric vehicle bandwagon and bought drilling rights on 120,000 acres in Arkansas for lithium production. ![]() However, it is still affected by the industry’s cyclical movements but not as much as other businesses. The business is globally diversified which makes it an attractive investment in uncertain times. If you are trying to add an oil stock to your portfolio, this is the one to buy. The company has a solid business and a long way to go. The stock is up 12% in the past year and hasn’t dropped below $60 since November 2021. It is trading at $106 today and is inching closer to the 52-week high of $119. It has increased dividends for 20 consecutive years and has a dividend yield of 3.42% with a recent dividend payout of $0.91. XOM is one of the top oil sector reversal stocks to own today. Clearly, Exxon Mobil has had a better first quarter in 2023 than it did in 2022 and I think the momentum will continue. This is more than a 100% jump and it is nothing but impressive. It posted an EPS of $2.79 which is up from $1.28 in the same period last year. The company reported a record-breaking first-quarter net income of $11.4 billion and I believe its business will hold steady in the coming quarters. Source: Jonathan Weiss / Įxxon Mobil (NYSE: XOM) is another one of the oil stocks for sector reversal that has impressed investors with a strong first quarter. Morgan Stanley has raised the price target of the stock to $198, which is a massive upside potential from the current level. Chevron believes that this transaction will add $1 billion to its annual free cash flow. Recently, the company announced the acquisition of PDC Energy (NASDAQ: PDCE) in an all-stock deal valued at $6.3 billion. However, I think a lot is working in favor of CVX stock. The stock has been suffering after Warren Buffet trimmed his investment in the company. It produced a net income of $6.57 billion in the recent quarter, which is up from $6.26 billion in the same quarter a year ago. CVX stock offers passive income thru dividends, a balanced profile, and strong financials. The company generated a cash flow from operations of $7.2 billion in the first quarter. ![]() It ended 2022, with $18 billion in cash and needs only $5 billion to operate. The company has low operating costs and is generating a whopping amount in cash. One solid reason to bet on this business is its solid profile. The company has been raising dividends for 35 consecutive years. If you are looking for a dividend stock in this industry, CVX is one of those oil stocks to buy. ![]() Having built a solid foundation over the years, the company holds an enviable position in the market today. The company is engaged in the production, exploration, refining as well as distribution of oil and gas. With that in mind, let’s take a look at the three oil stocks to buy for a sector reversal.Ĭhevron Corporation (NYSE: CVX) is a solid, well-established powerhouse in the oil and gas sector. Therefore, now is a good time to cash in on the “black gold” and start investing in oil stocks that are well-positioned in the industry today. The peak travel season is upon us and oil prices could start to rise. The Saudi energy minister has already warned of further OPEC+ output cuts and this means there could be a supply squeeze, further pushing oil prices higher. Smart investors know now is a good time to start looking for oil stocks to buy. Furthermore, as we inch closer to the end of rate hikes, we could see a slowdown in the economic growth and this means a rise in oil prices. With the onset of summer, I believe oil prices could be ready for steady growth and this means top oil stocks could see a sector reversal. They have seen massive volatility over the past few months. With high-interest rates, economic slowdown, and weakness across multiple sectors, oil prices have taken a hit. The soft inflation report was a sigh of relief for many sectors, especially the energy industry.
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