The best stocks to buy now? 5 Oil Stocks for Your Watchlist

Top Oil Stocks to Watch in the Stock Market Today

As we enter a new week of trading, it looks like oil stocks could be a viable play in the stock market today. This is partly due to growing fears that Russia will invade Ukraine in the coming days. If progress is made, it could lead to severe sanctions from the United States and disrupt oil supplies in an already tight market. Many are even speculating that oil could hit $100 a barrel if the scenario materializes. Thus, investors can seek to compile a list of best oil stocks to watch to capitalize on the trend we are seeing today.

One of the companies benefiting from higher oil prices is Conoco Phillips (NYSE:COP). Earlier this month, the company reported fourth-quarter adjusted earnings of $3.0 billion, or $2.27 per share. With oil prices even higher this year, oil giants like ConocoPhillips could potentially pay out more cash to their shareholders. Not to mention that some of the top oil stocks are among the highest paying dividend stocks on the stock market.

While some companies may not be so forward-looking, others have simply invested aggressively in greener energy. For example, Suncor Energy (NYSE: SU) recently announced a partnership with Hazer Group for a potential Hydrogen Turquoise project in Canada. Even with more renewable energy, it is undeniable that the demand for oil and gas will continue for decades. Now, with the oil industry continuing to heat up, here are 5 more oil stocks to watch in the stock market today.

Oil stocks to buy [Or Avoid] This week

Chevron

Chevron is a company that carries out integrated activities in the fields of energy and chemistry. In fact, the company is involved in all stages of the oil and natural gas industry. This includes hydrocarbon exploration and production, refining, chemical manufacturing, and power generation. Last week, it was reported that the US administration was considering a request from Chevron to take and trade crude from Venezuela as a form of payment. This request was made on the grounds that Venezuela’s state-owned oil company PDVSA owes Chevron for its joint ventures there.

In addition to this, Chevron is also in talks with Venezuela to increase oil production. Namely, the company seeks greater control over its joint operations in return for debt relief. However, for any of these commitments to take place, Chevron would need a sanctions waiver. Chevron and Venezuelan state company PDVSA currently operate four oil fields together. Before the US sanctions, these were producing around 200,000 barrels a day. Currently, they produce around 140,000 barrels per day. If all goes well, Chevron could significantly increase oil production. Given the news, would you buy CVX shares?

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Kinder Morgan

Following this, we have Kinder Morgan, one of the largest energy infrastructure companies in North America. The company owns an interest in or operates more than 80,000 miles of pipelines and 144 terminals. For the most part, these pipelines transport everything from natural gas, gasoline, crude oil and carbon dioxide, among others. Additionally, its terminals store and handle petroleum and chemical products, to name a few.

Last week, the company announced it would build a renewable diesel hub in Southern California. Clearly, the hub will be able to move 20,000 barrels per day with room for growth now that it has received sufficient contractual commitments. Once built, Kinder Morgan said the diesel hub would allow customers to aggregate and move batches of renewable diesel (R99) from the Los Angeles area to high-demand markets in Colton and Mission Valley, California. With this renewable diesel hub in the works, is KMI stock a buy?

KMI Stock Chart
Source: TD Ameritrade Terms of Service

Exxon Mobil

Exxon Mobil is an industry leading oil and gas company and is in fact the largest in the United States. The Company’s segments include Upstream, Downstream, Chemicals, and Corporate and Financing. On the one hand, its Upstream segment covers the exploration and production of crude oil and natural gas. On the other hand, its Downstream segment manufactures, trades and sells petroleum products. Given the oil industry’s current predicament, it makes sense for investors to keep an eye on Exxon at this time. Over the past year, XOM stock has risen more than 50%.

Last Friday, the company said it had started production at Guyana’s second offshore oil development on the Stabroek block, Liza Phase 2. As a result, this brings total production capacity to over 340,000 barrels per day in just seven years since the discovery of oil. The current resource has the potential to support up to 10 projects. In addition, Exxon expects four floating production, storage and offloading (FPSO) units to be operational on the Stabroek Block by the end of 2025. The aforementioned FPSOs will have a capacity of over 800,000 barrels per day. On that note, will you be watching XOM stocks?

XOM Stock Chart
Source: TD Ameritrade Terms of Service

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EOG Resources

EOG Resources explores, develops and produces crude oil, natural gas and gaseous liquids. Its operations span from the United States to Trinidad and Tobago, China and Oman. But for the most part, its operations focus on basins in the United States with a focus on crude oil. For an idea of ​​scale, the company has around 2,900 employees. And over the past year, EOG stock has risen 80%.

Ahead of its earnings release on Feb. 24, let’s take a look at EOG’s prior quarter results. During the third quarter of 2021, EOG reported revenue of $4.8 billion, up 112% year-over-year. Analysts estimate fourth-quarter revenue at about $5.9 billion, nearly double from a year ago. With that in mind, will you be watching EOG stock ahead of earnings next week?

EOG Stock Chart
Source: TD Ameritrade Terms of Service

Phillips 66

Finally, 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 February 7, Phillips 66 and H2 Energy Europe announced plans to develop up to 250 retail hydrogen fueling stations in Germany, Austria and Denmark by 2026. The project will be a 50-50 joint venture and is subject to regulatory approvals. The two companies will leverage their capabilities to develop a retail network, bringing together hydrogen supply, refueling logistics and vehicle demand. Additionally, they hope to supply the grid with green hydrogen, as available. That said, are you going to watch PSX stocks?

PSX Stock Chart
Source: TD Ameritrade Terms of Use

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Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@stockmarket.com



Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@stockmarket.com


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Felix J. Dixon