3 Dividend Paying Oil Stocks With Double-Digit Upside as Crude Oil Surges
With the energy sector beginning to heat up, here are three top dividend-paying oil stocks with double-digit upside.
Fueled by yesterday’s decision by OPEC+ leaders Saudi Arabia and Russia to extend crude oil production cuts until the end of 2023, West Texas Intermediate (WTI) and Brent Crude (BZ) Futures closed in the green today for the ninth trading session in a row. With WTI and Brent Crude Futures closing today at $87.54 (0.98%) and $90.60 (0.62%), respectively, it marks crude oil’s highest closing price since the end of November 2022.
As expected, crude oil prices have ignited the energy sector, boosting oil stocks across the board. Oil stocks receive another boost tomorrow as the weekly U.S. inventory data is scheduled to be released at 4:30 pm EST. A survey by the Wall Street Journal is projecting U.S. crude stockpiles will drop by 2.1 million barrels.
Commenting on crude’s surprise resurgence and the likelihood of the upward trend’s continuation, Svelland Capital director Nadia Martin Wiggen stated:
“It was absolutely a surprise. When we look toward the start of next year after these cuts, we’re going to see OECD commercial stock levels at lows we haven’t seen except in very big years.”
With many analysts projecting the price of crude to continue its march higher, here are three dividend-paying oil stocks with double-digit upside.
Source: CNBC Television YouTube
1. Chevron (CVX)
- Chevron (NYSE: CVX)
- Today’s Close: $166.63
- Avg. Analyst Price Target: $191.92
- Implied Upside: +15.18%
- Dividend Yield: 3.63%
- YTD Gain: -4.23%
2. Devon Energy (DVN)
- Devon Energy (NYSE: DVN)
- Today’s Close: $53.49
- Avg. Analyst Price Target: $60.29
- Implied Upside: +12.71%
- Dividend Yield: 6.52%
- YTD Gain: -7.97%
3. Diamondback Energy (FANG)
- Diamondback Energy (NASDAQ: FANG)
- Today’s Close: $156.10
- Avg. Analyst Price Target: $174.23
- Implied Upside: +11.61%
- Dividend Yield: 4.41%
- YTD Gain: +18.82
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