Energy stocks could be the name of the stock market game this week. For the most part, this would be thanks to some of the biggest names in the field reporting earnings. Given the current momentum in the current earnings season, I could understand if investors are closely watching the sector now. According to data from FactSet (NYSE: FDS), almost 10% of the S&P 500 have posted their third-quarter earnings figures. Within that group, 80% have reportedly posted earnings per share figures above estimates. Couple this with the soaring oil and gas prices in recent weeks and we could be looking at intriguing times for oil stocks this week.
For instance, oilfield service company Schlumberger (NYSE: SLB) is set to report earnings after Friday’s closing bell. Moreover, we could also consider alternative energy firms such as NextEra Energy (NYSE: NEE). In particular, NextEra is set to report its latest fiscal quarter results before tomorrow’s opening bell. Between rising demand for conventional energy sources and the growing applications for green energy solutions, investors are spoilt for choice. With all that in mind, would it be wise to look out for these top energy stocks in the stock market today?Top Energy Stocks To Buy [Or Sell] Now
- Occidental Petroleum Corporation (NYSE: OXY)
- FuelCell Energy Inc. (NASDAQ: FCEL)
- Halliburton Company (NYSE: HAL)
- Chevron Corporation (NYSE: CVX)
- Exxon Mobil Corporation (NYSE: XOM)
To begin with, we have Occidental Petroleum Corporation, an international energy company with assets all over the world. In fact, it is one of the largest oil producers in the U.S. This includes being a leading producer in the Permian and DJ basins, and the offshore Gulf of Mexico. The company also has a chemical subsidiary called OxyChem that manufactures a wide variety of products for many industries. OXY stock currently trades at $33.24 as of 12:35 p.m. ET and has increased by over 230% in the past year alone.
On Monday, Truist analyst Neal Dingmann upgraded OXY shares to a buy rating from hold with a price target of $50. He cited expectations that record free cash flow will continue. Furthermore, this combined with asset monetization will prompt the company to potentially discuss returning its quarterly dividend to 2019-20 levels. Also, there could be a further possibility of an additional variable dividend and/or stock repurchase program. The company has also been increasingly investing in its decarbonizing operations and says that it continues to gain steam by capitalizing on its notable infrastructure in place. Given this piece of information, should investors consider adding OXY stock to their portfolio?Source: TD Ameritrade TOS FuelCell Energy Inc.
Moving on, we have FuelCell Energy, a global leader in fuel cell technology. It utilizes its proprietary fuel cell platforms to provide comprehensive turn-key solutions for its customers. This would include everything from designing and installation of its infrastructure to long-term operation and maintenance of its fuel cell system based on customer needs. FCEL stock currently trades at $8.62 as of 12:35 p.m. ET and is up by over 250% in the past year alone.
Last month, the company reported its third-quarter financials. Diving in, FuelCell reported a revenue of $26.8 million compared to $18.7 million a year earlier. It also generated a gross profit of $1.1 million compared to a gross loss of $3.1 million in this same period. The company also has a backlog of $1.3 billion and ended the quarter with $468.6 million in cash and cash equivalents. It is also advancing its inflight projects and increasing investments in its commercial capabilities as well as R&D activities. By positioning itself for long-term growth and sustainable commercial success, should you consider FCEL stock a buy?Source: TD Ameritrade TOS Halliburton Company
Halliburton is one of the biggest providers of products and services to the energy industry. In essence, it helps companies maximize value throughout the lifecycle of the reservoir. This would include from the start with exploration, to well construction and completion. It also helps optimize production and also to perform abandonment activities at the end of the asset lifespan. HAL stock currently trades at $26.12 as of 12:35 p.m. ET and has more than doubled in valuation in the past year.
Earlier today, the company announced its third-quarter financials. Firstly, it posted a net income of $236 million for the quarter or $0.26 per diluted share. Total revenue for the quarter was $3.9 billion. Impressively, it saw both operating divisions experiencing revenue growth in the international and North America Land markets. Its Completion and Production division also delivered solid mid-teens margins, while its Drilling and Evaluation division margins maintained their momentum. All things considered, is HAL stock worth buying right now?Source: TD Ameritrade TOS Chevron Corporation
Following that, we have Chevron, one of the leading names in the global energy industry today. In brief, the California-based firm is the second-largest oil producer in the U.S. now. Among its core offerings are crude oil, natural gas, transportation fuels, lubricants, petrochemicals, and additives. Furthermore, the company also develops related tech to further optimize its operations. As it stands, CVX stock currently trades at $111.11 as of 12:36 p.m. ET, with year-to-date gains of over 30%.
Well, for one thing, investors could be watching CVX stock ahead of its third-quarter earnings call Friday next week. Given the results of the company’s previous quarterly report, this is understandable. Notably, the company posted year-over-year gains of over 126% in total revenue, net income, and earnings per share. Not to mention, Chevron also ended the quarter with a whopping $7.53 billion in cash on hand. With the company riding the current tailwinds in the oil and gas industry, could CVX stock be a top buy for you?Source: TD Ameritrade TOS
[Read More] Best EV Stocks To Buy Right Now? 4 In FocusExxonMobil Corporation
Another name to consider among energy firms now would be ExxonMobil. By and large, ExxonMobil is an industry juggernaut thanks to its massive refinery operations. The likes of which cater to the increasing energy needs of the world today. With ExxonMobil’s current presence in the market, XOM stock could be an energy stock to know in the stock market today. Now, the company’s shares currently trade at $63.37 as of 12:36 p.m. ET. With gains of over 17% in the past month, could it be worth keeping an eye on now?
Similar to our previous entry, the company is also set to report its earnings later this month. Another similarity between the two would be their recent growth surges in terms of quarterly performances. To point out, ExxonMobil posted a total revenue of $66.31 billion for the quarter. This marks a 104% year-over-year jump. Additionally, the company also saw massive year-over-year leaps of over 520% in both its net income and earnings per share as well. As such, could XOM stock be worth adding to your portfolio this week?Source: TD Ameritrade TOS