3 Cheap Energy Stocks to Buy Right Now
Energy stocks had a good run in the first half of 2021. The S&P Energy Select Sector Index (^IXE) is up 44% year to date. On Monday, the OPEC meeting was called off as member countries couldn't agree on an output increase for July. That likely means no output increases from the OPEC at least until August, when the members will meet again. This should again be bullish for oil prices and energy stocks in the near term.
Although most energy stock prices have already risen significantly, some are still trading at cheap valuations. Here are three such stocks to consider buying right now.
ExxonMobil (NYSE: XOM) faced a challenging time last year. The company's massive capital plans got jeopardized due to cratered oil demand because of COVID-19. Coupled with excessive supply, crude oil prices got pummeled. The deteriorating oil market also prompted the removal of ExxonMobil stock from the Dow Jones Industrial Average Index.
Source Fool.com
