3 Top Fracking Stocks to Consider Buying Now
Hydraulic fracturing, or fracking, involves pumping water, sand, and chemicals under high pressure down a wellbore to fracture rocks underneath the surface so oil and gas can more freely flow out the of well. The process has been around since 1947 when Haliburton performed the first fracking operation in Kansas. However, it grew in importance (and notoriety) once drillers combined it with horizontal drilling to form a game-changing combination that has helped the U.S. unlock its vast shale resources.
Drillers have gotten so good at fracking that they've unleashed a gusher of oil and gas production in recent years, which has flooded the market and pushed down prices. Because of that, shale drilling activities have slowed, which has hit fracking stocks hard. That said, those falling prices have fueled more demand for oil and gas, which when combined with tepid supply growth, has started pushing prices higher. This rebound should drive up drilling activity levels in the coming year, which would fuel higher profits for the companies that do the actual fracking, likely taking their stock prices with it (especially given how far they've fallen in the past few years). While there are plenty of fracking stocks, three top options to consider given their strong market positions are:
Top Fracking Stocks
Source: Fool.com
Halliburton Co. Stock
The stock is an absolute favorite of our community with 28 Buy predictions and no Sell predictions.
With a target price of 46 € there is a positive potential of 35.99% for Halliburton Co. compared to the current price of 33.83 €.
