3 Energy Stocks to Buy Right Now
Higher oil prices have made investors interested in energy stocks again. Dual forces of less demand and excess supply that created a rout in oil prices last year seem to have flipped positions this year. OPEC's production cuts, now extended through April, are helping to keep supply in check. At the same time, improving demand expectations are further supporting oil prices and energy stocks. The S&P Energy Select Sector Index is up nearly 36% year to date, outperforming the broader S&P 500 index's 3% rise. Here are three energy stocks that should benefit from the improving energy markets.
With a market capitalization of more than $200 billion, Chevron (NYSE: CVX) is one of the largest integrated oil and gas companies in the world. On average, the company produced 3.08 million oil-equivalent barrels per day last year. Cratered demand and commodity prices impacted Chevron's performance last year. The company reported a loss of $5.5 billion for 2020, including an impairment charge of $2.6 billion in the second quarter relating to its investments in Venezuela. Chevron also revised its longer-term commodity price outlook, resulting in an impairment charge of $1.8 billion. Excluding one-off charges, Chevron's adjusted loss stood at $368 million for the year.
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Source Fool.com
