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Four Oil Stocks to Buy; Hold Off on Exxon

Crude prices continued their march higher on Friday, and while that may be cold comfort to oilfield-services stocks, others may continue to benefit, writes Wells Fargo's Roger Read. Read updated his oil estimates today and reiterated Outperform ratings on his favorite stocks, ConocoPhillips (COP), Hess (HES), and Occidental Petroleum (OXY). As for the others, he thinks that ConocoPhillips can outperform more than Occidental Petroleum, but writes that the latter could "really deliver from its Midstream segment in coming quarters." For the major integrated firms, Read likes Chevron (CVX), rated at Outperform, over Exxon Mobil (XOM), rated at Market Perform, due to the former's more modest capital expenditures and greater share-repurchase visibility.