The energy sector is a crucial part of the global economy, providing energy to power everything from homes to factories to transportation. The sector includes companies involved in the production, transportation, and distribution of energy resources such as oil, natural gas, and renewable energy sources. Energy stocks are an important component of any well-diversified investment portfolio, as they offer investors the potential for long-term growth and income.
Investing in energy stocks can offer several benefits. First, the sector can be a stable source of income due to the high dividends paid by many energy companies. Additionally, energy stocks can be a good hedge against inflation, as energy prices tend to rise with inflation.
Furthermore, investing in renewable energy stocks can offer exposure to a rapidly growing industry that is expected to become increasingly important in the coming years. However, it’s important for investors to carefully research individual energy stocks and consider the risks associated with each investment, such as regulatory and environmental risks. With this being said, let’s dive into three energy stocks to watch in the stock market this month.
Energy Stocks To Buy [Or Sell] Right Now
- Tesla Inc. (NASDAQ: TSLA)
- Chevron Corporation (NYSE: CVX)
- ConocoPhillips (NYSE: COP)
Tesla Inc. (TSLA Stock)
First up, Tesla Inc. (TSLA) is an American electric vehicle and clean energy company that designs, develops, manufactures, and sells electric cars, energy storage systems, and solar panels. The company has been a major player in the push toward sustainable energy and is seen as a disruptor in the automotive industry.
Tesla released its Q4 2022 financial results at the end of January. The company revealed earnings of $1.22 per share and revenue of $24.3 billion. These figures surpassed analysts’ expectations of earnings per share of $1.13 on revenue of $26.2 billion for the quarter. The company also reported year-over-year revenue growth of 37.2% during the same period.
Year-to-date, shares of Tesla stock have recovered by 76.60%. Though, to close out Thursday’s trading session, TSLA stock closed lower by 5.85% at $190.90 a share.
[Read More] Dividend Stocks To Buy Now? 3 For Your Watchlist
Chevron Corporation (CVX Stock)
Next, Chevron Corporation (CVX) is a multinational energy corporation with operations in oil, natural gas, and geothermal energy. The company is one of the largest integrated energy companies in the world and is involved in every aspect of the energy supply chain from exploration and production to refining and marketing.
Late last month, Chevron hosted its investor day. In detail, the company reaffirmed its commitment to delivering higher returns while growing energy supplies and reducing carbon intensity. The company also reported that it is maintaining its guidance for annual organic capital expenditures of $13 billion to $15 billion through 2027. As well as affirming its oil and gas production guidance of more than 3% annual growth by 2027. Additionally, Chevron expects annual free cash flow growth greater than 10% at $60 Brent and is raising its share buyback guidance range to $10 to $20 billion per year.
Moving along, shares of CVX stock has fallen so far this year by 6.57%. Meanwhile, on Thursday, Chevron stock closed the day trading modestly higher by 0.33% at $162.56 a share.
[Read More] 3 Top Industrial Stocks To Watch Today
ConocoPhillips (COP Stock)
Last but not least, ConocoPhillips (COP) is an American multinational energy corporation that specializes in the exploration, production, and marketing of crude oil, natural gas, and natural gas liquids. The company has operations in various countries around the world and is one of the largest independent oil and gas exploration and production companies globally.
At the beginning of February, ConocoPhillips reported its Q4 2022 financial results. In the report, the company reported earnings of $2.71 per share, with revenue for the quarter at $19.3 billion. Meanwhile, Wall Street’s consensus estimates were an EPS of $2.72 per share, along with revenue of $18.0 billion. Moreover, the company notched in a 20.7% increase in revenue on a year-over-year basis.
So far in 2023, shares of COP stock have dropped by 4.23% YTD. In addition, as of the close on Thursday, COP stock closed higher by 1.96% at $108.33 a share.
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