Prices of oil stocks are still volatile because of supply and demand imbalances and geopolitical conflicts. JPMorgan analysts expect the price of a barrel to stay around $114 as demand declines despite the possibility of a Chinese buying frenzy. According to predictions made by the US Energy Information Administration, the spot price of Brent crude oil could range between $97/b and $98/b on average in 2023. Demand constraints are anticipated to ease as US drilling expands, OPEC decides how much to produce, and sanctions are put in place against Russia.
Insider Monkey highlights the 10 best oil stocks to buy according to hedge funds. Operating largely in the United States, Marathon Petroleum Corporation is an integrated downstream energy corporation. The company is listed as one of the top energy stocks to buy. The business revealed that it had committed to a joint venture with Finnish rival Neste on September 21. One of the best energy stocks to buy is Chesapeake Energy Corporation. The corporation has a strong dividend history. The company issued a quarterly dividend of $2.32 per share on August 2. A solid 10.28% forward yield was recorded. A US corporation that produces natural gas is called EQT Corporation. The company has benefited from the European energy crisis that has followed Russia’s invasion of Ukraine. The price target was increased to $60 by Citi analyst Paul Diamond while maintaining a Buy rating on the shares of EQT Corporation. One of the top energy stocks is Pioneer Natural Resources Company. The company announced earnings for the second quarter of 2022, announcing $9.36 in earnings per share. Revenue for the time period was $6.9 billion, an increase of 102% over the same period the previous year. An independent energy firm, Devon Energy Corporation, specializes in the exploration, development, and production of oil, natural gas, and natural gas liquids. The business declared that it would join with Delfin Midstream to export liquefied natural gas. For more details, click the 10 Best Oil Stocks To Buy According To Hedge Funds.