XOM - Oil Is Up These 3 Energy Stocks Are Set to Reward Investors
2024-04-05 16:41:09 ET
Crude oil prices have been on fire this year. WTI, the primary U.S. oil price benchmark, has surged from around $70 a barrel at the start of the year to nearly $90 a barrel recently. Higher oil prices will be a boon for oil companies, which should produce a lot more free cash flow this year.
The rising tide of higher oil prices should lift all boats in the oil patch. However, Chevron (NYSE: CVX) , Devon Energy (NYSE: DVN) , and Diamondback Energy (NASDAQ: FANG) stand out to a few Fool.com contributors for their ability to cash in on higher oil prices. Here's why they think that investors should check out these oil stocks .
Reuben Gregg Brewer (Chevron): Chevron and ExxonMobil (NYSE: XOM) are similar in many ways. But the stocks of these two integrated energy giants have diverged of late, as Wall Street is worried that Chevron's acquisition of Hess (NYSE: HES) could fall apart . The problem is that Exxon doesn't want Chevron to gain a toehold in an Exxon-operated project located in Guyana. To put a number on that divergence, Chevron's stock is up just a couple of percentage points since mid-February, when rumors of trouble started to circulate, while Exxon's stock has gained 14%.
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Oil Is Up, These 3 Energy Stocks Are Set to Reward Investors