3 Beaten-Down Oil Stocks to Think About Scooping Up Before 2018
Oil prices have bobbed and weaved this year, which quickly turned the initial optimism that things would be better back into pessimism. Because of that, many investors bailed on oil stocks when crude turned lower earlier this summer in fear it would keep falling and take their investment with it. Because of that, the stock prices of several large shale drillers have lost value this year even though crude has come all the way back and then some. Three that stand out are Devon Energy (NYSE: DVN), Pioneer Natural Resources (NYSE: PXD), and Marathon Oil (NYSE: MRO), which are all down double-digits despite delivering excellent results this year.
Because of that, this year's sell-off appears to be a compelling buying opportunity since 2018 looks like it should be a much better year for the oil market. Not only has OPEC pledged to continue supporting oil prices, but demand remains healthy, and many oil producers in the U.S. are opting to return cash to investors instead of pouring everything into drilling more wells. That forecast suggests that this trio of beaten-down, top-tier shale drillers could enjoy a big bounce back in 2018.
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Source: Fool.com
Devon Energy Corp. Stock
The stock is an absolute favorite of our community with 33 Buy predictions and no Sell predictions.
With a target price of 56 € there is a positive potential of 30.14% for Devon Energy Corp. compared to the current price of 43.03 €.
