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From worst to first isn’t likely. And most agree they’re working on borrowed time. I’m talking of course about oil stocks. But could a larger and bearish background be blocking a timelier buying opportunity for investors right now? Let’s look at the case for going long three oil stocks, as well as strategies to better capitalize on today’s fears and jeers. In 2020, the energy sector came in dead last. Specifically, oil stocks were clobbered. The SPDR Energy ETF (NYSEARCA: XLE ) and VanEck Vectors Oil & Gas Services ETF (NYSEARCA: OIH ) slid by 37% and 43%, respectively. In both relative and absolute terms the performance by oil stocks was dismal. And you don’t need to compare those companies’ shares to alt energy EV giant Tesla’s (NASDAQ: TSLA ) market-throttling gain of around 700% in 2020 to figure that out either. From NextEra Energy (NYSE: NEE ) to Brookfield Renewable Partners (NYSE: BEP ) or Plug Power (NASDAQ: PLUG ) the evidence against oil stocks is everywhere. Heck, even the S&P 500 clawed its way to 7% on the year despite the challenges of navigating the novel coronavirus pandemic. Still, the fact remains that oil stocks have placed […]
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