A screen of the S&P stocks shows something remarkable: the stocks that Wall Street analysts have the most confidence in are concentrated in the oil and gas industry.
Looking at a one-year chart comparing WTI and the S&P 500 energy sector, the two have moved roughly in tandem:It seems investors didn’t buy the steady increase in WTI through early October last year, and they have been similarly unimpressed with the 2019 price recovery that has followed a brutal reversal.
Energy favorites Getting back to the stock screen, Michael Roomberg, lead portfolio manager of the Miller/Howard Drill Tip to Burner Tip Fund DBBEX, -1.85% DBBDX, -1.85% said he currently owns shares in three of the first five energy companies on the list, but is only particularly enthusiastic about one.
A desire for contiguous property for shale drilling is why Occidental Petroleum OXY, +0.16% trumped Chevron’s CVX, -0.50% offer to acquire Anadarko Petroleum APC, +0.11% in May, he said. Anadarko’s shareholders will vote on the $38 billion deal on Aug. 8.
Lemming trades.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: CNBC - 🏆 12. / 72 Read more »