Markets

Oppenheimer Gets Bullish on Oil Prices (OXY, CVX, DVN)

Analysts at Oppenheimer on Monday issued an upgrade on the oil sector, where it expects prices to continue to rise.

As a result, the company boosted its earnings estimates for several major oil producers, including Occidental Petroleum Corporation ( OXY ), Chevron Corporation ( CVX ), and Devon Energy Corporation ( DVN ). The firm also set an "Outperform" rating on all three stocks.

CVX shares rose $1.65, or +1.6%, in premarket trading Monday, while OXY and DVN shares were mostly flat.

The Bottom Line

Shares of Chevron ( CVX ) have a 3.19% dividend yield, based on Friday's closing stock price of $101.69. The stock has technical support in the $93-$95 price area. If the stock can firm up, we see overhead resistance around the all-time high levels of $105-$110 a share. Shares of Devon Energy ( DVN ) have a 1.04% dividend yield, based on Friday's closing stock price of $65.39. The stock has technical support in the $58-$60 price area. If the stock can firm up, we see overhead resistance around $70-$73 a share. Shares of Occidental Petroleum ( OXY ) have a 1.92% dividend yield, based on last night's closing stock price of $95.92. The stock has technical support in the $88-90 price area. If the stock can firm up, we see overhead resistance around $100-$101 a share.

None of the dividend stocks mentioned in this article have a high enough Dividend.com DARS™ Rating to qualify for our "Recommended" list.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Created by Dividend.com


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

DVN OXY CVX

Other Topics

Stocks

Latest Markets Videos