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Investors have been scooping up energy names amid a recent drop in oil prices, according to Bank of America. Oil prices touched a low dating back to December 2021 on Monday. The energy sector of the S & P 500 is down more than 3% for the month, while the Energy Select Sector SPDR Fund (XLE) is off about 4% in March. With those declines, however, last week saw the biggest inflows into energy since 2008, Bank of America equity analyst Jill Carey Hall said in a note Tuesday. Oil prices turned higher on Tuesday and energy was the best performing sector. For investors looking to take advantage of the recent weakness, CNBC Pro used FactSet data to screen for the best ways to play it. Each of the following names have buy ratings from 60% or more of analysts covering the stock and an average of at least 30% potential upside. Targa Resources , which provides midstream natural gas and natural gas liquids services, has buy ratings from about 86% of the analysts who cover it. The average price target on the stock implies it has about 40% to rise from current levels. There is also Halliburton , which has buy ratings from 82% of its analysts. The name has the highest upside potential on our list, based on its average target price of 59.4%. The stock is down about 19% for the year. Diamondback Energy is on the list with buy ratings from three quarters of its analysts and potential upside of about 38%. It’s been a recent darling on Wall Street, with Credit Suisse naming it a top pick this month. It also turned up in our screening of names analysts think will continue to gain in a rising rate environment. Baker Hughes , ConocoPhillips , EOG , EQT and Schlumberger are also on the list.
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