A mix of high oil prices and capital discipline has led to strong balance sheets across the energy sector, but the trend of falling debt has started to reverse itself. If oil prices stay high — and especially, if they breach $100 a barrel — the companies are well positioned. However, should oil prices fall and debt levels continue to rise, some companies have boxed themselves into a corner with very generous dividends and share repurchase programs.
"Since April of 2019, the energy market became the highest yielding sector in the market, and in my view, that was a signal from shareholders telling the entire space this is a short duration asset now, we want a return of our capital as soon as possible," Pies said. Investors have a range of options to choose from when chasing a dividend yield among energy stocks. If a trader wants to stick with blue chips, Chevron offers a 6% yield, while Conocophillips ' yield is 4.6%.
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