OPEC's Optimism Boosts Outlook: Top 5 Oil Stocks To Watch Now
Portfolio Pulse from Nabaparna Bhattacharya
OPEC has reportedly raised its medium- and long-term oil demand outlook, contrasting with the International Energy Agency's (IEA) less optimistic view. This has led to significant market reactions. Five oil stocks to watch include Exxon Mobil Corporation (XOM), Chevron Corporation (CVX), Schlumberger N.V. (SLB), Halliburton Company (HAL), and Valero Energy Corporation (VLO). All these stocks have seen gains in the past year and recent price target increases by analysts.
October 07, 2023 | 6:40 pm
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POSITIVE IMPACT
Chevron Corporation's shares have gained 1.37% in a year to $162.23. UBS analyst Josh Silverstein increased the CVX price target to $210 from $209.
The positive outlook from OPEC and the recent price target increase by UBS analyst could drive Chevron's stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Halliburton Company's shares have grown 27% in a year to $38.69. Susquehanna analyst Charles Minervino raised the price target on HAL to $48 from $44.
The positive outlook from OPEC and the recent price target increase by Susquehanna analyst could drive Halliburton's stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Schlumberger N.V.'s shares have gained 30.8% in a year to $55.70. Citigroup analyst Scott Gruber increased the SLB price target to $70 from $66.
The positive outlook from OPEC and the recent price target increase by Citigroup analyst could drive Schlumberger's stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Valero Energy Corporation's shares have increased 11.2% in a year to $126.53. Piper Sandler analyst Ryan Todd increased the VLO price target to $171 from $168.
The positive outlook from OPEC and the recent price target increase by Piper Sandler analyst could drive Valero Energy's stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Exxon Mobil Corporation's shares have gained over 6% in a year to $107.17. UBS analyst Jon Rigby increased the XOM price target to $143 from $139.
The positive outlook from OPEC and the recent price target increase by UBS analyst could drive Exxon Mobil's stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100