My Top Oil Stock to Buy Right Now
West Texas Intermediate crude oil prices have largely been above the $60 per barrel mark since mid-February. Prices rallied further last week after Saudi Arabia announced it would extend its voluntary production cut of 1 million barrels of oil per day through April. Moreover, other OPEC countries have decided to keep their outputs constant through April.
Overall, oil prices tend to rise and fall based on numerous factors that are largely out of individual companies' control. So for investors, it's wise to select oil companies that can remain resilient in the face of short-term fluctuations in crude prices. Enbridge (NYSE: ENB) is one such stock. Here's why I think it's the best oil stock to buy right now.
Enbridge is a diversified midstream company with operations across oil, natural gas, and liquids. Its liquids pipelines account for a little more than half of its earnings. Enbridge's natural gas distribution, transmission, storage, and midstream operations account for over 40% of its earnings. The company is also into renewable power generation, which accounts for 4% of its earnings.
Source Fool.com
