PSX - Even With Oil at $85 a Barrel These 3 High-Yield Energy Stocks Are Still Dirt-Cheap
2023-10-11 09:00:00 ET
Oil prices have been strong all year. In fact, West Texas Intermediate (WTI) prices, the U.S. benchmark, are right around $85 per barrel. And natural gas prices are also recovering from their spring and summer lows. Yet, the energy sector is down 2% year-to-date, sharply underperforming the S&P 500 .
Granted, the energy sector gained 131% in the two-year period from 2021 to 2022. So a slowdown shouldn't come as a surprise. What is surprising is how cheap many top energy stocks are today. And a big reason is the years of underperformance leading up to 2021, paired with strong earnings growth.
Here's why Devon Energy (NYSE: DVN) , Kinder Morgan (NYSE: KMI) , and Phillips 66 (NYSE: PSX) are three excellent high-yield dividend stocks worth buying now.
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Even With Oil at $85 a Barrel, These 3 High-Yield Energy Stocks Are Still Dirt-Cheap