Oil stocks are a type of energy stock that represents a share of ownership in an oil company. Oil stocks can be bought and sold on most major stock market exchanges, and they typically give investors exposure to the price movements of crude oil. While there are many different types of oil stocks, they can generally be divided into two main categories: upstream and downstream stocks. Upstream stocks represent companies that are involved in the exploration and production of oil, while downstream stocks represent companies that refine and market oil products.
Oil stocks can offer investors an attractive way to profit from the rising demand for energy, but they also come with a unique set of risks. For example, the price of crude oil is highly volatile, which can make it difficult to predict the earnings of oil companies. Additionally, oil stocks tend to be sensitive to global economic conditions, so they may underperform during periods of economic downturn. Now knowing this, here are three oil stocks to buy in the stock market today according to analysts.
Oil Stocks To Watch Right Now
EOG Resources (EOG Stock)
First, EOG Resources Inc. (EOG) is an independent oil and gas exploration and production company. EOG Resources is engaged in the exploration, development, production, and marketing of crude oil and natural gas. The company’s operations are focused on unconventional resources, such as shale oil and gas.
Back in September, EOG Resources announced that it will be releasing its third quarter 2022 financial results this Friday, November 4, 2022. Aside from that, just on October 25th, Citigroup (NYSE: C) raised its target price for EOG from $139 to $150 a share, giving the company a buy rating. Meanwhile, during Tuesday’s mid-morning trading session, shares of EOG stock are trading at $136.13 a share.
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Chevron (CVX Stock)
Next up, Chevron Corporation (CVX) is one of the world’s largest oil companies, with operations in over 100 countries. Chevron is engaged in every aspect of the oil and gas industry, from exploration and production to refining and marketing. Chevron also has a significant presence in the renewable energy industry, with investments in solar, wind, and geothermal power.
Just last week, Chevron reported better-than-expected third-quarter 2022 earnings results. In detail, the company posted Q3 2022 earnings of $5.56 per share and revenue of $66.6 billion. What’s more, CVX reported that revenue increased by 49.1% during the same period, a year prior.
Aside from that, On Monday this week, analysts from Raymond James (NYSE: RJF) raised their price target for Chevron from $188 to $215 per share, with an outperform rating. As a result, shares of CVX stock are trading higher by 1.15% on Tuesday morning at $183.02 per share.
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DT Midstream (DTM Stock)
Last but not least, DT Midstream Inc. (DTM) DT Midstream is a provider of midstream energy services, including transportation, storage, processing, and gathering. What’s more, the company owns operates, and develops midstream infrastructure assets that are key to the movement of crude oil, natural gas, and natural gas liquids (NGLs).
Last Friday, DT Midstream reported its Q3 2022 earnings results. In the report, DTM posted 3rd quarter of 2022 earnings of $0.90 per share and revenue of $235 million. Moreover, the company also raised its forecast for the fiscal year 2022.
On Monday this week, Barclay’s raised its price target for DTM from $63 per share to $67 per share, with an overweight rating. Meanwhile, on Tuesday, shares of DTM stock are trading higher by 1.51% at $60.60 per share.
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