Oil Stocks To Watch For 2023? 3 For Your List

Should investors be watching these oil stocks in the stock market this year?

Oil stocks refer to stocks of companies that are involved in the exploration, extraction, refining, and distribution of oil and gas. These companies can be involved in a variety of activities. This includes drilling for oil and gas, operating pipelines, and refining crude oil into finished products like gasoline and diesel fuel.

Investing in oil stocks can be a potentially lucrative endeavor. This comes as the demand for energy has consistently remained high and oil prices can be volatile. Which provides opportunities for price appreciation. However, investing in oil stocks also carries a certain level of risk. This is because the value of these stocks can be affected by a variety of factors. For example changes in oil prices, economic conditions, and political developments. With this in mind, here are three oil stocks for your 2023 stock market watchlist.

Oil Stocks To Consider In January 2023

• Occidental Petroleum Corporation (NYSE: OXY)
• Chevron Corporation (NYSE: CVX)
• Devon Energy Corporation (NYSE: DVN)

Occidental Petroleum (OXY Stock)

Leading off, Occidental Petroleum Corporation (OXY) is an American multinational oil and gas exploration and production company. The company operates in the United States, the Middle East, and Latin America. It is one of the largest oil and gas companies in the world, with a focus on oil and gas exploration, development, and production, as well as chemical manufacturing.

Back in November, Occidental Petroleum reported its third-quarter 2022 financial and operating results. In detail, the company notched in Q3 2022 earnings of $2.44 per share, and revenue of $9.5 billion. What’s more, OXY reported that its revenue grew by 39.4% on a year-over-year basis. The company also reported that it bought back 28.4 million shares, which equates to $1.8 billion in share repurchases for Q3 2022.

In the last month of trading, shares of OXY stock have pulled back by 6.87%. Meanwhile, as of Tuesday’s mid-morning trading session, OXY stock is trading down 1.91% on the day at $62.00 a share.

Source: TD Ameritrade TOS

Chevron (CVX Stock)

Next, Chevron Corporation (CVX) is an American multinational energy corporation. It engages in every aspect of the oil, natural gas, and geothermal energy industries, including exploration and production, refining, marketing and transport, chemicals manufacturing and sales, and power generation.

Today, Tuesday the company announced that its subsidiary Chevron U.S.A. Inc. closed on its previously reported acquisition of Beyond6, LLC. In detail, Chevron is acquiring full ownership of Beyond6, including its nationwide network of 55 compressed natural gas stations.

Taking a look at the last six months of trading action, the shares of Chevron Corp have rebounded by 24.34%. In addition, as of Tuesday’s trading session, CVX stock is trading lower on the day by 1.17% at $177.39 a share.

Source: TD Ameritrade TOS

Devon Energy (DVN Stock)

Last but not least, Devon Energy Corporation (DVN) is an independent energy company engaged in the exploration, development, production, and marketing of oil, natural gas, and natural gas liquids. The company operates in various locations around the world, including the United States, Canada, and several countries in South America, the Middle East, and Africa.

In November, Devon Energy reported its third-quarter 2022 financial results. Diving in, the energy company announced 3rd quarter 2022 earnings of $2.18 per share and revenue of $5.4 billion. In addition, Devon Energy also notched in a 56.7% increase in revenue compared to the same period, the previous year.

In the last month of trading action, shares of DVN stock have retreated by 10.29%. Additionally, on Tuesday Devon Energy stock is trading red on the day by 2.94% at $59.91 a share.

Source: TD Ameritrade TOS

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Originally Posted January 3, 2023 – Oil Stocks To Watch For 2023? 3 For Your List