Simon Wong of Gabelli also names a floor price for oil to keep domestic shale producers profitable.
The OPEC+ group of oil-producing countries has agreed on a drastic cut to the global supply. The speculation has helped oil reverse its recent declines.
And that means it’s time to take another look at stocks of U.S.-listed energy companies that are favorably positioned to take advantage of higher prices. Below is a screen of favorite energy stocks among analysts polled by FactSet, drawn from the S&P 1500 Composite Index SP1500 . The screen is followed by a longer-term look at oil prices and industry comments from Gabelli analyst Simon Wong.
We then narrowed the list to the 53 companies that are each covered by at least five analysts polled by FactSet. Setting a floor price for oil and gas producers On Sept. 20, I published this opinion piece: Four reasons you should buy energy stocks right now if you are a long-term investor. Leaving aside the temporary price crash during the early phase of the coronavirus pandemic in 2020, when a collapse in demand led to the industry running out of storage space, you should turn your attention to the West Texas Intermediate crude price action in 2014, 2015 and 2016. It turns out that the U.S. shale industry’s success led to its own turmoil, as prices collapsed to levels that meant some producers were losing money on every barrel of oil they pumped.
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