The energy sector is a critical component of the global economy. It covers a wide range of companies involved in the production and distribution of energy. This includes traditional sources like oil and gas, as well as renewable energy such as solar and wind. Energy stocks are known for their role in powering industries, homes, and transportation systems. Additionally, it can be a robust segment for investment due to the constant demand for energy.
One advantage of investing in energy stocks is their potential for substantial dividends. As many large energy companies generate significant cash flows and return a portion to shareholders. Additionally, during periods of economic growth, energy demand typically increases, potentially boosting the sector’s profitability. Energy stocks also offer diversification benefits in a portfolio. With different sub-sectors like renewables gaining traction as the world shifts towards cleaner energy.
However, the sector is not without risks. It is highly sensitive to geopolitical events and changes in regulation, particularly with an increasing focus on reducing carbon emissions. Prices can be volatile, influenced by fluctuations in oil and gas prices or technological advances in renewable energy. The capital-intensive nature of the industry means that companies often carry significant debt levels, which can be a risk in times of economic downturn. That said, here are three trending energy stocks to watch in the stock market now.
Energy Stocks To Watch In The Stock Market Today
- Chevron Corporation (NYSE: CVX)
- Occidental Petroleum Corporation (NYSE: OXY)
- Devon Energy Corporation (NYSE: DVN)
Chevron (CVX Stock)
To start, Chevron Corporation (CVX) is one of the world’s leading integrated energy companies. Chevron engages in every aspect of the oil, natural gas, and geothermal energy industries, including hydrocarbon exploration and production; refining, marketing and transport; chemicals manufacturing and sales; and power generation.
Earlier this month, Chevron announced when it will report its Q1 2024 financial results. In the announcement, the company said it will announce its first-quarter 2024 financial and operating results, this week Friday, April 26, 2024, prior to the U.S. stock market opening. To quickly recap, last quarter Chevron posted a beat, notching in earnings of $3.45 per share, with revenue of $47.18 billion for Q4 2023.
Looking at the last month of trading, shares of Chevron stock have increased by 2.83%. While, during Tuesday morning’s trading session, CVX stock opened modestly lower by 0.76% at $160.79 a share.
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Occidental Petroleum (OXY Stock)
Next up, Occidental Petroleum Corporation (OXY) is an international oil and gas exploration and production company with operations in the United States, Middle East, and Latin America. Occidental is one of the largest oil producers in the U.S. and a leading producer in the Permian Basin and DJ Basin. It is also a major manufacturer of polyvinyl chloride resins, chlorine, and caustic soda.
Moreover, at the beginning of this month, Occidental announced when it will report its first quarter of 2024 financial and operating results. Diving in, the company announced it will release its Q1 2024 results on Tuesday, May 7, 2024, after the close of the U.S. stock market.
In the last month of trading, shares of Occidental Petroleum stock have jumped by 3.13%. While, on Tuesday morning, OXY stock is trading red off the open by 0.72% at $66.52 a share.
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Devon Energy (DVN Stock)
Last but not least, Devon Energy Corporation (DVN) is an independent energy company. Devon’s operations focus on the exploration, development, and production of oil, natural gas, and natural gas liquids in major North American onshore basins.
Late last month, Devon Energy announced the timing of its first quarter 2024 financial results. In the news release, the company said it will report its Q1 2024 financial results, Wednesday, May 1, 2024, following the close of the U.S. stock market.
In the past month of trading, shares of DVN stock have surged by 5.83%. Meanwhile, on Tuesday morning, Devon Energy stock is trading modestly lower by 0.23% at $52.01 per share.
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