3 Bold Predictions for the Oil Market in 2024
Last year was a more challenging time for the oil patch than many expected. Crude oil prices cooled off from their war-driven spike in 2022. Lower oil prices weren't what most industry watchers expected when the year started.
Last year's unexpected oil market shows just how hard it can be to predict what will happen next in the oil patch. However, that isn't going to stop a few Fool.com contributors from trying. Here's a look at their bold predictions for Helmerich Payne (NYSE: HP), Devon Energy (NYSE: DVN), and Chevron (NYSE: CVX), as well as the larger oil market.
Tyler Crowe (Helmerich Payne): U.S. shale may be a victim of its success. Over the past several years, shale drilling has gone from a novel, high-cost technological development to a lower-cost production source. Shale drilling has launched U.S. production from a meager 6.7 million barrels per day of crude oil and natural gas liquids in 2008 to almost 20 million barrels per day of the same products today.
Source Fool.com
HP Inc. Stock
We see a rather positive sentiment for HP Inc. with 7 Buy predictions and 1 Sell predictions.
With a target price of 31 € there is a slightly positive potential of 17.05% for HP Inc. compared to the current price of 26.49 €.
