3 Oil Stocks on the NYSE to Watch

oil stocks nyse

Exxon Mobil Corporation. Chevron Corporation. And ConocoPhillips. These are 3 of the oil stocks on the NYSE to watch.

Overview

Oil is black gold. In spite of oversupply challenges and fears of slowing global economy, oil prices have rebounded, having shed a significant portion from the last quarter of 2018 to January 2019. For oil, it seems the only way was the down way. 

The declining demands for oil in those times and the overall struggling nature of the industry were primarily responsible for negative investors’ sentiment. Presently, Brent crude oil closed the August 7 trading day at $57.39 a barrel, having shed over 2% from the previous day.

No matter how further oil prices fall, there is bound to be an eventual reversal. However, investors should closely watch these three stocks to benefit from the prevalent dip in price in expectation of an eventual recovery. 

Exxon Mobil Corporation (NYSE: XOM)

Exxon Mobil Corporation, the Texas-based oil and gas exploration and producing company, is one of the largest of its kind in the world, producing over 2 million in oil barrels per day. The company has operations in different parts — ranging from the Americas, the Middle East, Europe, to Africa.

As of August 7, 2019, Exxon Mobil has a market capitalisation of approximately $300 billion, with its stock closing at $70.50, having lost over 7% year-to-date (YTD). However, the savvy investor should note that the stock might already be oversold, or at least close to being so, and the possibility of a reversal anytime soon cannot be ruled out.  

©TradingView. August 7, 2019.

Consequently, now, traders can decide to wait for the price to touch its 52-week low, or take a long position in expectation of its rally to at least $80, where the price could hit some temporary ceiling. Exxon Mobil (NYSE: XOM) has a 52-week range of $64.65 to $87.36.

Chevron Corporation (NYSE: CVX)

Chevron Corporation (NYSE: CVX) is one of the world’s oldest producers of petroleum and allied products, having been established in 1879. The company has global operations and produces at least 2.5 million in oil barrels per day. 

Chevron has been badly hit by the struggling oil industry performance, having shed at least 6% in year-to-date (YTD) returns. The only good news is that its reasonable dividend yield has helped investors to find compensation in its storms. Chevron (NYSE: CVX) has a 52-week range of $100.22 to $127.60.

©TradingView. August 7, 2019.

Traders should, therefore, look for the stock to slump into the oversold region before they make a move. Any point between $100 and $108 might be a good entry point, leaving a lot of room for some significant upward swing. As of August 7, Chevron has a market capitalisation of approximately $227 billion, with the share price hovering at the $119 mark. 

ConocoPhillips (NYSE: COP)

ConocoPhillips has its primary operations in the United States, United Kingdom, Norway, and Canada where it explores and produces oil and other similar products.

©TradingView. August 7, 2019.

As of August 7, 2019, ConocoPhillips has a market capitalisation of roughly $60 billion and a share price of  $53.32. The stock has a 52-week range of $53.92 to $80.24. To trade ConocoPhillips, you might consider entering a long position anytime now as the stock is even below its 52-week low. 

About Oluwa Solademi 17 Articles
I am a financial and business writer. Financial trading is my profession, writing is my passion, and the internet is my home. I trade forex, and I am a stock investor. I am obsessed with studying financial markets and startups, well versed in writing about them, and competent enough to present my ideas and knowledge in a way internet users especially find intriguing. To these I have dedicated myself, and with these I have helped thousands across the world. Let me help you, too.