CHX - Nabors Patterson-UTI and Valaries are Citi's top Energy picks
2023-12-21 12:56:39 ET
The energy sector ( NYSEARCA: XLE ) is recommended as market weight by Citi Research, as valuations remain attractive, and positive earnings are expected for 2024 as whole and relative performance could be bottoming, according to its U.S. Equity Strategy report on the sectors and industry groups.
However, “more confidence in oil prices is needed for us to upgrade,” analysts said.
The Crude Oil Futures index ( CL1:COM ) is down 5.23% from a month ago. The U.S. Brent Oil Fund ( BNO ) is also down 4.09% from a month ago.
These are the top buy-rated stocks, ranked by ETR (expected total return):
- Nabors Industries Ltd. ( NBR ) - ETR 60%
- Patterson-UTI Energy Inc. ( PTEN ) - ETR 55%
- Valaris Ltd. ( VAL ) - ETR 40%
- NOV Inc. ( NOV ) - ETR 39%
- Schlumberger N.V. ( SLB ) - ETR 34%
- Northern Oil and Gas Inc. ( NOG ) - ETR 34%
- Halliburton Co. ( HAL ) - ETR 32%
- Vital Energy Inc. ( VTLE ) - ETR 32%
- ChampionX Corp. ( CHX ) - ETR 28%
And these are the top sell-rated stocks, ranked by ETR:
More on Energy Select Sector SPDR ETF:
- XLE: Short-Term Bear, Long-Term Bull
- XOP And XLE: Heavy "Put Buying" Bullish For Oil Stocks (Rating Upgrade)
- XLE: Energy Stocks Showing No Signs Of Life
- Five large-cap Energy stocks for 2024 - Goldman
- The S&P sectors with the best and worst prospects, as ranked by SA Quant Ratings
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Nabors, Patterson-UTI, and Valaries are Citi’s top Energy picks