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Analysts Still Bullish on Permian-Based Upstream Stocks

Kurt Gallon
Analysts Still Bullish on Permian-Based Upstream Stocks

Upstream companies have been very volatile in recent weeks. That’s due to strong volatility in crude oil and natural gas prices. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP), which includes 56 exploration and production companies, saw a three-month low of $38.80 in August. It recovered significantly by the end of that month. However, most of the gains were eroded in the recent fall.