20.8 C
London
Saturday, August 13, 2022
HomeBusinessMorgan Stanley upgrades Occidental on higher oil prices, predicts 40% gain

Morgan Stanley upgrades Occidental on higher oil prices, predicts 40% gain

Date:

Related stories

A Beginner’s Guide to Email Automation

Email automation is a great way to save time...

Switch from gas boosts oil demand, but economic headwinds loom — IEA

Speaking to CNBC on Monday, the executive director...

Some Journeys Can Be Only Travelled Alone!

Maybe you and your friends are unable to conclude...

The Impact of Unhealthy Business Practices in the NFL

The NFL has been in the news recently for...


Oil pump under the blue sky, beam pumping unit in the oil field, oil pump and water reflection

zhengzaishuru | iStock | Getty Images

High oil prices and lower capital expenses should lead oil stocks to throw off cash, and investors should add a few winners from this sector, according to Morgan Stanley.

While energy prices dipped on Thursday amid broad commodity weakness, the benchmark oil prices in the U.S. and Europe are still up about 80% over the past year. The industry has seen demand surge and reserves dwindle as economies reopen.

Analyst Devin McDermott shuffled his ratings for energy stocks on Friday, upgrading Occidental Petroleum to overweight from equal weight and Marathon Oil to equal weight from underweight. McDermott said in a note to clients that these shifts were to gain more exposure to high oil prices in particular.



Source link

Latest stories