For Immediate Release
Chicago, IL – June 19, 2020 – 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: QEP Resources, Inc. QEP, Marathon Oil Corp. MRO, Occidental Petroleum Corp. OXY and Continental Resources, Inc. CLR.
Here are highlights from Thursday’s Analyst Blog:
4 Oil Stocks to Gain on Likely Energy Rebound in 2021
Most analysts are optimistic about gradual recovery in the oil market despite concerns that the new wave of coronavirus infections could hurt global fuel demand. Although 2020 could see a significant fall in oil demand as a whole, the energy market is likely to make a strong comeback in 2021.
Oil Likely to Rebound Next Year
Although the coronavirus pandemic has dented global energy demand, the gradual recovery in oil business has started, said International Energy Agency (IEA). The agency believes that the factors driving the energy market’s gradual recovery are the lifting of strict lockdown measures in China and the OPEC+ members’ (OPEC and its allies) compliance with the production cut target. Notably, OPEC+ countries recently agreed for the extension of their record oil production cut through July.
IEA added that the decline in production volumes in the United States, Canada and other G-20 nations has also been driving oil prices. IEA projects a rebound in oil demand by a record 5.7 million barrels per day in 2021.
Stocks to Gain
It seems to be an opportune moment for energy investors to pick stocks since the crude market is expected to rebound next year. Also, the easing of lockdown measures is boosting current fuel demand as people are returning to work.
Here, we present one stock with a Zacks Rank #2 (Buy) that is well positioned to gain. There are three other stocks with a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
QEP Resources, Inc., headquartered in Denver, CO, is a leading oil explorer and producer with operations across the Permian Basin in Texas and the Williston Basin in North Dakota. The stock, with a Zacks Rank #2, has witnessed upward estimate revisions for 2020 and 2021 bottom line in the past 30 days.
Marathon Oil Corp., headquartered in Houston, TX, primarily conducts operations in prolific shale plays like Permian, Eagle Ford and Bakken. The #3 Ranked stock has witnessed upward estimate revisions for its 2020 bottom line in the past 30 days. In 2021, the stock is likely to see earnings growth of 15.3%.
Occidental Petroleum Corp., headquartered in Houston, TX, is the largest oil producer in the Permian Basin. The stock, carrying a Zacks Rank #3, has witnessed upward estimate revisions for its 2020 bottom line in the past 30 days. In 2021, the stock is likely to see bottom-line growth of 35%.
Continental Resources, Inc., based in Oklahoma City, OK, is a leading oil producer with operations in the Bakken play of North Dakota and Montana. The #3 Ranked stock has seen upward estimate revisions in its bottom line in the past 60 days for 2020. In 2021, the stock is likely to see bottom-line growth of 67%.
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Marathon Oil Corporation (MRO) : Free Stock Analysis Report
QEP Resources, Inc. (QEP) : Free Stock Analysis Report
Occidental Petroleum Corporation (OXY) : Free Stock Analysis Report
Continental Resources, Inc. (CLR) : Free Stock Analysis Report
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