The oil sector, often referred to as the petroleum industry, encompasses the global processes of exploration, extraction, refining, and transportation of oil. Serving as the lifeblood of modern civilization. Oil not only powers most transportation methods but also is a key ingredient in countless everyday products, from plastics to pharmaceuticals. Its paramount importance in the global economy makes it one of the most watched and analyzed industries in the world. With prices, production, and reserves constantly under scrutiny.
Oil stocks represent shares in companies involved in the various stages of oil production. Everything from drilling and extraction to refining and distribution. This segment of the stock market provides a window into the vast and complex world of energy commerce, with companies’ fortunes often closely tied to the fluctuations in global oil prices.
Investing in oil stocks can be a dynamic venture. Given the industry’s sensitivity to global events, from geopolitical tensions to environmental concerns, oil stocks can be more volatile compared to other sectors. However, they also offer opportunities for potentially significant returns, especially when the broader energy market is bullish. Potential investors should recognize the cyclical nature of the oil industry and consider diversifying their portfolios to mitigate risks. As with any investment, a thorough understanding of the sector, coupled with continuous monitoring of global trends, is essential when navigating the oil stock landscape. Considering all of this, let’s look at two oil stocks to watch in the stock market this week.
Oil Stocks To Buy [Or Avoid] Right Now
Chevron (CVX Stock)
First off, Chevron Corporation (CVX) is one of the world’s leading integrated energy companies. With operations spanning the globe, Chevron engages in every aspect of the oil and gas industry, including exploration, production, refining, and marketing. The company also has interests in chemicals manufacturing and mining, offering a diversified portfolio of energy resources and products.
Just this month, Chevron announced that it will be hosting its quarterly earnings conference call on Friday, October 27, 2023, at 11:00 a.m. ET (8:00 a.m. PT). This event, presented by the globally recognized energy company, will provide insights into its financial performance and operations for the third quarter of 2023.
In the last month of trading, shares of CVX stock have modestly pulled back by 0.93%. Meanwhile, as of this past Friday’s closing bell, Chevron stock is trading at $162.23 per share.
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Occidental Petroleum (OXY Stock)
Next, Occidental Petroleum Corporation (OXY), commonly referred to as Oxy, is an international oil and gas exploration and production company. It is one of the largest in the United States and operates in key regions such as the Middle East and Latin America.
Earlier this month, Occidental announced its plans to release its third quarter 2023 financial results after the market closes on Tuesday, November 7, 2023. Following this announcement, the company will host a conference call to delve into the details of its results on Wednesday, November 8, 2023, at 1 p.m. Eastern/12 p.m. Central.
Looking at the last month of trading, shares of OXY stock have retreated by 3.82%. While, as of this past Friday’s closing bell, Occidental Petroleum stock closed the day up 3.33% at $61.40 per share.