OVV - 3 Energy Stocks to Monitor After Pullbacks From 52-Week Highs | Benzinga
Oil prices have trended lower over the past three weeks due to concerns over demand and the perception that geopolitical risks to crude supplies are ebbing.
This decline accelerated after OPEC+ announced plans to phase out output cuts starting in October. The central bank's indication that aggressive rate cuts might be delayed due to slow disinflation also led to the decline.
As a result, several previously high-performing stocks have been caught up in this sell-off. However, now may be a good time to start eyeing rebounds in some of these companies, including Marathon Petroleum (NYSE: MPC), Ovintiv Inc. (NYSE: OVV) and Delek US Holdings (NYSE: DK).
Marathon Petroleum: Marathon Petroleum is a leading independent refiner, transporter and marketer of petroleum products. The Zacks Rank #3 (Hold) company operates in two segments: Refining and Marketing, and Pipeline Transportation.
The stock has been in breakneck mode over the past 12 months, notching up a series of all-time highs. That said, MPC has now dipped -3% year to date and fallen more than 21% from its 52-week highs of $221.11 in early April.