Oil stocks have lagged the S&P 500 in 2019 but Wall Street loves them

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 45 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 97%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Oil stocks have lagged the S&P 500 in 2019 ... but Wall Street loves them

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Lemming trades.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in NG

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.

Bond market on verge of tripping a signal that could lead to sharp sell-offMarketWatch’s call of the day comes from the Leuthold Group, a Minneapolis investment research firm, which tracks the correlation between weekly percentage... Is MarketWatch dropping super subtle headline meta jokes or is the editing department drunk?
Source: MarketWatch - 🏆 3. / 97 Read more »

What to watch today: Banking earnings, EU's Amazon probe, and Elon Musk's brain computerU.S. stock futures point to a slightly higher Wall Street open, following the first loss in five sessions for the Dow and six sessions for the S&P 500.
Source: CNBC - 🏆 12. / 72 Read more »