The oil sector refers to the industry involved in the exploration, production, refining, and distribution of oil and oil-related products. Oil is a crucial resource for the global economy and is used in various industries, including transportation, manufacturing, and energy production. The price of oil is subject to fluctuations based on global supply and demand factors, as well as geopolitical tensions.
Investing in oil stocks provides investors with an opportunity to gain exposure to the oil sector. It also provides investors with the ability to potentially profit from the price movements of oil. Oil stocks refer to shares in companies that are involved in various aspects of the oil industry, including exploration, production, refining, and distribution.
These companies can range from large integrated oil companies to smaller independent exploration and production companies. Investing in oil stocks can provide investors with the potential for capital appreciation and dividend income. Though it also comes with risks such as fluctuations in the price of oil, changes in global economic conditions, and regulatory risks. With that being said, let’s look at two top oil stocks to watch in the stock market today.
Oil Stocks To Watch Today
Occidental Petroleum (OXY Stock)
Leading off, Occidental Petroleum Corporation (OXY) is a large independent oil and gas exploration and production company. In detail, the company has operations in the United States, the Middle East, and Latin America. The company has a diversified portfolio of assets that includes onshore and offshore production.
In late February, Occidental Petroleum released its fourth-quarter 2022 earnings results. In the quarter, the company reported earnings of $1.61 per share, along with revenue of $8.3 billion. For context, this is versus Wall Street’s consensus estimates which were earnings of $1.83 per share. As well as revenue estimates of $8.7 billion.
Meanwhile, during Wednesday afternoon’s trading session, shares of OXY stock are trading lower on the day by 5.76% at $56.74 a share.
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ConocoPhillips (COP Stock)
Second, ConocoPhillips (COP) is a global independent oil and gas exploration and production company with operations in various regions, including North America, Europe, Asia, and Australia. The company has a diversified portfolio of assets that includes conventional and unconventional oil and gas production.
Also last month, ConocoPhillips reported its fourth quarter 2022 earnings results. Specifically, the company showed earnings of $2.71 per share and revenue of $19.3 billion. This is in comparison to analysts’ consensus estimates which were earnings of $2.72 per share, and revenue estimates of $18.0 billion. As a result, revenue increased by 20.7% versus the same period, the previous year.
Moving along, during Wednesday’s power hour trading session, shares of COP stock are trading down on the day so far by 6.83% at $94.44 a share.
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