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Oil prices have fallen from a peak earlier this year. But energy companies’ earnings estimates have kept rising on stronger demand and low capital spending. Below is a screen of large-cap oil stocks as a starting point for investors. Take a look at a 10-year chart of continuous front-month quotes for West Texas Intermediate (WTI) crude oil CL.1, +2.59% : Investors have shied away from energy stocks following oil’s long decline from mid-2014 through early 2016. Leaving aside the distortion in the energy market during the early part of the coronavirus pandemic in 2020, some investors have had little faith in oil and natural-gas-related stocks since the broad price decline from mid-2014 through early February 2016. But the supply-and-demand balance has been changing, as oil companies have lowered their capital expenditures in recent years, even as demand has been increasing. WTI was trading for $93.11 a barrel on Aug. 11, down 29% from its intraday peak at $130.50 on March 7. But it was still up 24% from then end of 2021, when it traded at $75.21. That was before Russia roiled the world energy market by invading Ukraine. As always, there are many moving parts for energy. The […]
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