4 Top Oil Stocks to Watch in the Stock Market Today
Do you have these oil stocks on your watch list right now?
As we start a new trading week, it looks like oil stocks could be a viable game in the stock market today. There is no doubt that Russia’s invasion of Ukraine has sent shockwaves through energy markets. This sent oil prices soaring to triple digits for the first time in years. For this reason, many oil stocks benefit from soaring crude prices. As such, investors might be looking to compile a list of the best oil stocks to buy to capitalize on the trend we are seeing today.
Of course, not all oil companies will benefit to the same extent. Some have greater exposure to crude oil upside than their competitors. And one of the oil companies with unlimited upside potential on the upside of crude prices is Conoco Phillips (NYSE:COP). Unlike many oil producers, ConocoPhillips does not use oil hedging contracts. Instead, it prefers to take market prices for its crude oil production. And because of this, the company has a much higher leverage on higher oil prices.
While some might choose to take advantage of rising crude prices, we won’t forget oil’s boom and bust cycles. Not to mention that the push towards green energy could mean lower demand for oil in the long run. However, if you have decided to take advantage of the surge in crude prices, here is a look at some of the top oil stocks to watch today.
Oil stocks to watch now
Starting today is Chevron. The company is now one of the main players in the global energy industry. For the most part, the company focuses on the production of crude oil and natural gas. These resources then act as crucial components in the manufacture of a wide range of fuel sources. Key products manufactured by Chevron include transportation fuels, lubricants, additives and petrochemicals, to name a few. Over the past year, CVX stock has seen gains of almost 50%.
Last Friday, the company announced its earnings for the first quarter of 2022. To start, Chevron reported revenue of $54.37 billion, up from $32.03 billion during the same period. last year. As for the company’s earnings, they raked in a profit of $6.26 billion for the quarter, a massive increase from $1.38 billion a year ago. Accordingly, diluted earnings per share for the quarter were $3.22 per share, an increase from $0.72 a year earlier. Additionally, the company’s unconventional production in the Permian Basin reached a record 692,000 barrels of oil equivalent per day during the quarter. Given the quarterly results, should you invest in CVX stocks?
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Another major oil company to watch right now is ExxonMobil. For those unfamiliar, it is one of the world’s largest publicly traded energy suppliers and chemical manufacturers. The company develops and applies next-generation technologies to help safely meet the world’s growing demand for energy. Exxon’s fuels, lubricants and chemicals are marketed worldwide under four brand names, Esso, Exxon, Mobil and ExxonMobil. Just like Chevron, Exxon also announced its earnings last Friday.
Diving, the company generated total revenue of $90.5 billion, up more than 50% from last year’s revenue of $59.1 billion. As for its earnings, Exxon raked in $5.48 billion this year, double the amount it earned in 2021. As such, earnings per share were $1.28 per share, compared to $0.64 per share the previous year. Financials aside, the company made notable achievements during the quarter. Namely, it achieved first oil from the Liza Phase 2 development in Guyana and announced five new discoveries. These discoveries will increase the estimated recoverable resource base for the Stabroek block to nearly 11 billion barrels of oil equivalent. Given Exxon’s performance for the quarter, should you buy XOM stock?
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Following this, we have Phillips 66, an energy manufacturing and logistics company with midstream and refining businesses, among others. With over 140 years of experience, the company is well placed to meet the world’s energy needs. Its Midstream segment provides crude oil and refined oil transportation, terminal and processing services. While its Refining segment refines crude oil and other raw materials.
On April 29, Phillips announced its first-quarter 2022 financial results. In the first quarter, the company earned revenue of $36.72 billion, an improvement from the $21.93 billion it had earned in 2021. Next to that, earnings for the quarter would have been $582 million, or $1.29 per share. Phillips also generated $1.1 billion in operating cash flow. CEO Greg Garland added: “While first quarter results were lower quarter over quarter, we saw substantial improvement in the financial results of our operations in March and expect continued strong performance in the second quarter. We believe that current market conditions will allow us to increase shareholder returns by reinitiating share buybacks and increasing the dividend. » In the future, would you consider adding PSX stocks to your watchlist?
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Finally, we have Hess Company or Hess for short. It is essentially an independent global energy company involved in the exploration and production of crude oil and natural gas. The company has an industry-leading position in a key shale play in the United States, the Bakken in North Dakota. Additionally, the company is engaged in exploration and development activities offshore Guyana, one of the industry’s largest oil discoveries in the past decade. Along with this, the company is also one of the largest deepwater producers in the Gulf of Mexico.
On Wednesday last week, Hess released its first quarter financial statements. Total revenue was $2.37 billion, up 24% from $1.92 billion last year. Along with that, earnings were $417 million, or $1.34 per share. For comparison, in the same period in 2021, earnings were $252 million, or $0.82 per share. In addition, the company announced last Tuesday three new discoveries on the Stabroek block. Specifically, at the Barreleye, Lukanani and Patwa wells. At the same time, he also announced an increase in the estimated gross recoverable resources discovered for the Stabroek Block. An increase to around 11 billion barrels of oil equivalent, up from the previous estimate of over 10 billion. This updated estimate includes three new discoveries mentioned above. Given these developments, are you interested in HES shares?
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