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The Zacks Analyst Blog Highlights: Marathon Oil, Occidental Petroleum, Apache Corp, Hess Corp and Chevron

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Zacks Equity Research
·4 min read
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For Immediate Release

Chicago, IL – February 10, 2021 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Marathon Oil Corporation MRO, Occidental Petroleum Corporation OXY, Apache Corporation APA, Hess Corporation HES and Chevron Corporation CVX.

Here are highlights from Tuesday’s Analyst Blog:

Energy Names Take Off as Oil Returns to Pre-Pandemic Levels

U.S. oil prices rose by 2% on Monday to return to their pre-pandemic levels, erasing losses suffered during the coronavirus crisis. Taking investors on a roller coaster ride, the commodity has made a stunning rebound — from the depths of minus $38 a barrel in April to reclaim a 13-month high yesterday. The oil market's gain added to last week's rally, which saw the WTI surge around 8.9%.

The American benchmark gained $1.12 to end the day at $57.97 per barrel. Meanwhile, the international Brent crude futures settled at $60.56 per barrel, up $1.22, or 2.1% from their last close. Both contracts hit their highest since January 2020.

Momentum Coming Back to the Market

The energy space has been rallying for the past few months on continued vaccine-related developments and their successful deployment around the world that offer hope for an earlier-than-expected pickup in the commodity's demand. Crude has been driven up further by the lid on production from OPEC+ members and on top of that, Saudi Arabia's surprise pledge to reduce oil output by 1 million barrels per day in February and March.

Optimism related to the passage of the latest stimulus from Washington, easing coronavirus infections, signs of robust demand in the world's second-largest oil consumer, China, and President Joe Biden's pushback against the immediate lifting of Iranian sanctions have added to the market's bullishness.

Energy Stocks Soar

The string of catalysts pushed the Energy Select Sector SPDR — an assortment of the largest U.S. energy companies — up more than 4% on Monday to be at the top of the S&P sector standings.

In fact, some of the top gainers of the S&P 500 included energy-related names like Marathon OilOccidental PetroleumApache Corp. and Hess Corp. Marathon was the top-performing stock with a gain of 13.1%, followed by Occidental (12.81%), Apache (10%), Diamondback (7%) and Hess (6%). Meanwhile, the only energy representative in the 30-stock Dow Jones industrial average, Chevron — carrying a Zacks Rank of #2 (Buy) — was up around 2.5%.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

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Zacks Investment Research

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.

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