In the second half of 2023, oil prices have fallen quite a bit. Currently, West Texas Intermediate crude oil is down about 38% from its 52-week high ($123), and some think it could fall further. Remarkably, oil stocks have largely held on to their gains, despite oil falling to the level it was at at the start of the year. That could have something to do with the way oil companies managed their money this year: most of them chose to repay large amounts of debt, which will lead to higher profits in the future. Still, the earnings levels seen in the first and second quarters are unlikely to recur anytime soon. That doesn’t mean that oil stocks are bad buys. Some of them have gotten pretty expensive, but many haven’t. In this article, I will explore one oil stock that I would buy, even if oil prices remained low. Suncor Energy Suncor Energy ( TSX:SU ) is one of Canada’s biggest oil companies. Valued at $55 billion, it does over $4 billion per quarter in revenue in most quarters. Suncor Energy stock has been very profitable this year. In its most recent quarter , it delivered the following: […]
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