17 oil stocks with up to 180% upside as OPEC tightens supply: BofA

As OPEC tightens supply, gas prices will rise but so will share prices for the sector's stocks.A note from Bank of America estimates that the sector's stocks have an average upside of 31%.On Monday, the Organization of the Petroleum Exporting Countries that it will cut oil production by more than 1.66 million barrels a day. The group said it was a"precautionary measure" to stabilize the oil market.

For drivers at the pump, it's bad news because the price of gas will rise. But for the sector's stocks, it may be good. Oil prices had been on a gradual decline since June after West Texas Intermediate crude, the US benchmark, hit an all-time high of about $123 a barrel in March. OPEC's announced cuts helped oil rally above $81, up by about 6% since Sunday.

💩

Might as well buy and ETF

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Next bull market signal: BofA says exactly when traders should buy stocksHere's exactly when investors should buy stocks to ride the next bull market, according to Bank of America 'Just time the market, everyone! You gotta all do it simultaneously!'
Source: BusinessInsider - 🏆 729. / 51 Read more »

Apple seeing ‘stable to improving’ trends in iPhone business, says BofABofA analyst Wamsi Mohan boosted his price objective on Apple stock to $168 from $158 Wednesday. The trends in iPhones and services “drive upside to margins,” he wrote.
Source: MarketWatch - 🏆 3. / 97 Read more »

Amazon plans to reduce employee stock awards in 2025 - Business InsiderAmazon.com Inc is trimming the number of shares it plans to give employees as part of their 2025 compensation, Business Insider reported on Wednesday, citing a memo.
Source: Reuters - 🏆 2. / 97 Read more »

Asia stocks wobble as OPEC+ output cuts, weak US data raise uncertaintyAsian stocks dithered on Tuesday as investors grappled with inflation concerns in the wake of the surprise cuts to the OPEC+ group's oil output targets, while treasury yields retreated after frail U.S. manufacturing sector data. But US stocks going to Mars I'm ready, burn it all down
Source: Reuters - 🏆 2. / 97 Read more »