The oil industry plays a vital role in the global economy. This comes as it serves as a primary source of energy and is an essential input for various sectors. Such as transportation, manufacturing, and petrochemicals. The industry encompasses a wide range of activities, from exploration and production to refining, marketing, and distribution. The price of oil and the performance of oil stocks are influenced by a complex set of factors, such as geopolitical tensions, global economic growth, technological advancements, and government policies, making the sector subject to fluctuations and volatility.
Investing in oil stocks can offer exposure to the energy market and its potential for growth. These stocks mainly comprise companies involved in the upstream (exploration and production), midstream (transportation and storage), and downstream (refining and marketing) segments of the industry. The performance of oil stocks is closely tied to the price of oil, making them prone to fluctuations and potential volatility. Consequently, investors should closely monitor market conditions, geopolitical events, and technological trends to inform their investment decisions.
As the world increasingly shifts towards renewable energy sources and carbon reduction goals, the long-term outlook for the oil industry is evolving. This transition presents both challenges and opportunities for oil companies as they adapt their business models and invest in alternative energy solutions. Considering this, here are three oil stocks to watch in the stock market now.
Oil Stocks To Watch In April 2023
- Exxon Mobil Corporation (NYSE: XOM)
- Occidental Petroleum Corporation (NYSE: OXY)
- ConocoPhillips (NYSE: COP)
Exxon Mobil (XOM Stock)
Leading off, Exxon Mobil Corporation (XOM) is a multinational oil and gas company based in the United States, involved in the exploration, production, transportation, and sale of crude oil and natural gas, as well as manufacturing, transportation, and sale of petroleum products.
At the end of January, Exxon announced its most recent 4th quarter 2022 earnings results. In the quarter, the company notched in earnings of $3.40 per share, along with revenue of $95.4 billion. This is in comparison to Wall Street’s consensus estimates that were earnings per share of $3.32 and revenue estimates of $99.7 billion. Moreover, revenue increased by 12.3% versus the same period, the previous year.
Moving along, during Monday morning’s trading session, shares of XOM stock have jumped off the open by 5.59% trading at $115.79 a share.
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Occidental Petroleum (OXY Stock)
Next, Occidental Petroleum Corporation (OXY) is a US-based oil and gas exploration and production company with operations in the United States, Middle East, and Latin America, focused on maximizing the value of its oil and gas assets while also investing in carbon capture and low-carbon technologies.
At the end of February, Occidental reported its Q4 2022 financial results. In detail, the energy company reported 4th quarter 2022 earnings of $1.61 per share, with revenue of $8.3 billion. For context, analysts’ consensus estimates were earnings of $1.83 per share and revenue of $8.7 billion.
On Monday morning, shares of OXY stock advanced off the open by 6.07%. As a result, OXY stock is trading at $66.18 a share on Monday morning.
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ConocoPhillips (COP Stock)
Finally, ConocoPhillips (COP) is an American multinational energy corporation, primarily engaged in the exploration and production of oil and natural gas, with a strategic focus on conventional and unconventional resources in North America, Europe, Asia, and Australia.
Late last month, ConocoPhillips announced the date of its Q1 2023 financial results. In detail, the company is set to release its 1st quarter 2023 financial results on Thursday, May 4, 2023, at 12:00pm EST. To quickly recap, in Q4 2022, COP reported earnings of $2.71 per share and revenue of $19.3 billion.
Aside from that, during Monday morning’s trading action, shares of COP stock jumped by 8.32% off the open. With that, COP stock is trading at $107.46 a share on Monday morning.
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