Want to take advantage of surging oil prices? 3 energy stocks to consider
- Demand for oil has remained high as pandemic era economic restrictions start to abate.
- There are some analysts who predict oil will hit $150 by the end of 2022.
- Oil stocks will surge as global oil demand grows.
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When Covid 19 restrictions hit hard in 2020, the markets were on free fall. But more so, oil saw a sharp decline, at one point hitting negative figures. But as most economies have rebounded, oil has surged.
Speaking of energy stocks, as the oil prices continue to boom, the following stocks in the energy sector should be worth considering:
Exelon Corporation (EXC)
Exelon Corporation (NASDAQ:EXC) focuses on the production of natural gas and electric power as well. It is a company based in Chicago but has a presence in over 48 states across the US. Exelon also operates in Canada and remains a leading energy company in North America.
Although Exelon is not directly involved in oil and gas drilling, its energy business relies heavily on good oil prices and so far, things are indeed looking up. At press time, its stock was selling for around $41.
Chesapeake Energy Corporation (CHK)
Chesapeake Energy Corp. (NASDAQ:CHK) is a company directly involved in oil drilling and prospecting in the United States. It is based in Oklahoma but it has several drilling assets around the US. Although the Biden administration has put several restrictions on oil exploration in the country, the rebounding oil market is a great thing for this company.
Devon Energy (DVN)
Devon Energy Corporation (NYSE:DVN) is also another company that operates out of Oklahoma. It is involved in oil and gas production. The company’s stock has been surging in today’s intraday trading. It’s trading at $54.59, up by around 2% over the last 24 hours or so.