Oil stocks are a type of stocks that represent the ownership of oil companies. These stocks can be bought and sold on the stock exchange and offer investors a way to profit from the oil industry. In general. petroleum inventories are classified as either exploration and production or refinery. In detail, exploration and production oriented oil companies represent the oil companies involved in the process of finding and extracting oil. Meanwhile, refinery-focused oil companies represent oil companies that refine crude oil into finished products like gasoline.
For example, exploration and production companies are names like Devon Energy Corporation (NYSE: DVN) and western oil (NYSE:OXY). Meanwhile, an example of refining companies are companies like Phillips 66 (NYSE:PSX) and CVR Energy Inc. (NYSE: CVI). Both types of oil stocks can offer investors a way to profit from the oil industry. So whether you’re looking for stability or upside potential, oil stocks may be worth considering as part of your investment portfolio. Now here are three top oil stocks to watch this week in stock exchange.
Oil stocks to watch this week
1. Exxon Mobil (XOM stock)
The first standing Exxon Mobil (XOM) is an American oil and gas company. Its headquarters are located in Irving, Texas, and is engaged in the exploration, production, transportation and sale of crude oil, natural gas and petroleum products.
XOM Recent Stock Market News
Currently, XOM has a current annual dividend yield of 3.66%. In late July, XOM announced that its board of directors had declared its third quarter cash dividend of $0.88 per share on common stock. Additionally, Exxon Mobil has increased its annual dividend payment to its shareholders for the past 39 consecutive years.
Regardless, also in July, Exxon Mobil reported better-than-expected second quarter 2022 fiscal results. In the report, the company said earnings of $4.14 per share and revenue of $115.7 billion for the quarter. For context, Wall Street’s consensus estimate for the second quarter of 2022 was earnings of $3.80 per share, with revenue of $120.2 billion. With this, the company saw a 70.8% increase in revenue year over year.
Additionally, Darren Woods, Chairman and CEO of Exxon Mobil, had this to say about the quarter: “Profits and cash flow benefited from increased production, higher realizations and tight cost control. “The strong second quarter results reflect our focus on fundamentals and the investments we put in place several years ago and sustained in the depths of the pandemic.“
XOM Stock Chart
So far in 2022, XOM shares have outperformed broader markets as they are up more than 34.44% year-to-date. On Monday morning, Exxon Mobil stock is trading at $85.63 per share. Given this, do you think XOM stock is a good oil stock to buy right now?
[Read More] 4 Consumer Staples Stocks to Watch in the Stock Market Now
2. Chevrons (CLC Action)
Next, Chevron Corporation (CVX) is one of the largest energy companies in the world. For an idea of scale, the company is present in more than 180 countries around the world. Additionally, Chevron is involved in all aspects of the oil and gas industry. This includes exploration and production through to refining and marketing. Chevron is also a major manufacturer of petrochemicals and has interests in coal, alternative energy sources and power generation. Today, Chevron shareholders enjoy an annual dividend yield of 3.59%.
CLC Recent Stock Market News
Apart from that, also in July, Chevron reported stronger than expected results for its second quarter 2022 financials. To cut to the chase, Chevron reported earnings of $5.82 per share, along with revenue for the quarter of $68.8 billion. That figure is higher than analysts’ consensus estimates for the second quarter of 2022, which was earnings of $5.02 per share and revenue of $55.1 billion. In addition, second quarter sales represent growth of 83% on an annual basis. Additionally, Chevon reported that its operating cash flow was $13.8 billion while recording free cash flow of $10.6 billion for the second quarter of 2022.
Moving on, Mike Wirth, Chairman and CEO of CVX, commented in his letter to shareholders: “We have more than doubled our investments compared to last year to develop both traditional and new energy activities. With Permian production more than 15% higher than a year ago and now one of the leading producers of renewable fuels in the United States, Chevron is increasing its energy supplies to help meet the challenges facing global markets.”
CVX Stock Chart
Meanwhile, CVX stock year-to-date is up more than 20% in Monday morning’s trading session to $143.80 per share. With all the buzz surrounding oil right now, could Chevon Corporation be a good addition to your list of oil stocks to watch this week?
[Read More] Good stocks to buy? 4 best-selling short stocks to watch right now
3. Marathon Oil (MRO shares)
Last but not least, Marathon Oil Corporation (MRO) is an American oil and natural gas exploration and production company. The Company is engaged in the exploration and production of oil and gas in the United States, Canada, Europe, the Middle East and Africa. In addition, Marathon also operates a refining business in the United States through Marathon Petroleum Corporation (NYSE: MPC). Other than that, MRO has an annual dividend yield of 1.25% for shareholders.
Recent news on MRO stocks
In July, Marathon Oil released its fiscal Q2 2022 results. Diving straight into the report, the company announced earnings of $1.32 per share, along with revenue of $2.3 billion for the second quarter 2022. These results were stronger than expected compared to consensus estimates of $1.23 in earnings per share and $1.9 billion in revenue. . These revenue figures signify a 101.5% increase in revenue over the same period, in 2021. Additionally, Marathon Oil Corporation posted record quarterly adjusted free cash flow of over $1.2 billion at a reinvestment rate of 24%.
Chairman, President and CEO Lee Tillman commented in his letter to shareholders: “Our commitment to providing investors with first call cash flow through our unique operating cash flow percentage framework is producing truly compelling results, including the generation of over $2 billion in adjusted free cash flow and returning more than $1.7 billion of capital to shareholders year over year. date, while generating significant growth per share. Despite continued macroeconomic and equity market volatility, we remain well positioned to continue delivering financial results that rival the top S&P 500 companies.“
MRO Stock Chart
Continuing, so far this year, MRO shares are up more than 29% in Monday morning’s trading session at $21.88 per share. After reading its latest quarterly report, is it time to add Marathon Oil Corporation to your stock market radar today?
If you enjoyed this article and want to learn how to trade so that you have the best chance of making a profit consistently, you need to check out this YouTube channel. CLICK HERE NOW!!