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U.S. equities are trying to break higher here, boosted this week by dovish statements by Federal Reserve chairman Jerome Powell (rate hike pause?) as well as budding hopes for a thaw in trade tension between the United States and China. As a result, the S&P 500 has pushed back over its 20-day and 200-day moving averages and some investors are turning their attention to energy stocks.
Energy prices - which admittedly have been bombed out since peaking in October near $76 a barrel - are also trying to stables near the $51-a-barrel threshold amid lingering oversupply concerns. But if the thinking is that the Fed will pause rate hikes, that's a negative for the U.S. dollar and a positive for economic growth expectations, both of which should bolster oil prices.
If so, here are five energy stocks that should get a bid:
Chevron (NYSE: CVX ) shares have clambered back above its 20-day, 50-day, and 200-day moving averages to return to the highs that have been tested three times in November. A breakout here would possibly mark the end of its seven-month downtrend and set the stage for the first actual uptrend since the summer of 2017.
The company will next report results on Feb. 1 before the bell. Analysts are looking for earnings of $2.42 per share on revenues of $44.8 billion. When the company last reported on Nov. 2 earnings of $2.11 per share beat estimates by five cents on a 21.5% rise in revenues.
Teekay Tankers (TNK)
Shares of Teekay Tankers (NYSE: TNK ) are rising off of their August-October support range to push back over their 200-day moving average. This could mark the end of a persistent downtrend for this energy stock going back to October 2015 that resulted in a total share price loss of more than 80%.
The company will next report results on Feb. 21 before the bell. Analysts are looking for a loss of a penny a share on nearly $111 million in revenue.
When the company last reported on Nov. 15 a loss of seven cents per share beat estimates by three cents on a 92.9% rise in revenues.
Murphy Oil (MUR)
Shares of Murphy Oil (NYSE: MUR ) are holding above their 200-day moving average, an impressive show of strength given the weakness in crude oil over the last few months. The independent oil and gas company has seen shares slide sideways since early 2016 but could be headed for a test of the early 2015 highs, which would be worth a gain of about a third from here.
The company will next report results on Feb. 6 after the close. Analysts are looking for earnings of 53 cents per share on revenues of nearly $700 million. When the company last reported on Nov. 7, earning of 35 cents per share matches estimates on a 35.4% rise in revenues.
EOG Resources (EOG)
EOG Resources (NYSE: EOG ) shares have stabilized near their springtime lows after suffering a decline of more than 22% from the highs set in early October. This marks roughly a 50% retracement of the 2017-2018 rally, which is healthy pullback. Watch for a return to the summertime support levels near $115, which would be worth more than a 10% gain from here.
The energy stock will next report results on Jan. 31 after the close. Analysts are looking for earnings of $1.61 per share on revenues of $4.6 billion.
When the company last reported on Nov. 1, earnings of $1.75 beat estimates by 23 cents on an 80.8% rise in revenues.
Williams Companies (WMB)
Williams Companies (NYSE: WMB ), an energy pipeline company, is seeing shares stabilize near their April lows marking a 20% decline from its August high. Midstream or pipeline constraints have been a well-documented limitation of the rebound in U.S. shale activity, meaning pipeline energy stocks are well positioned to boost prices and expand revenue going forward.
The company will next report results on Feb. 13 after the close. Analysts are looking for earnings of 24 cents per share on revenues of $2.3 billion. When the company last reported on Oct. 31, earnings of 24 cents per share beat estimates by four cents on $2.2 billion in revenue.
As of this writing, William Roth did not hold a position in any of the aforementioned securities.
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