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☆ These 3 energy stocks offer the most upside in oil sector this year, Bank of America says
▼ + stars: | 2024-01-05 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Leggate has selected Occidental , Chevron and Exxon Mobil as his top picks. Bank of America is broadly cutting stock price targets in the oil and gas sector on a declining oil curve. He has set Occidental's price target at $80, implying 35% upside. The analyst has a price target of $180 for Chevron, suggesting the company's stock could rise 19% from here. Exxon's target is $140, suggesting nearly 37% upside, while Chevron has 19% upside with a target of $180.

Persons: Doug Leggate, Leggate, Hess Organizations: Bank of America, Occidental, Chevron, Exxon Mobil, Exxon, Natural Resources Locations: Ukraine, Occidental

☆ Two ways Israel-Hamas war could lead to much higher oil prices
▼ + stars: | 2023-10-09 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The escalating conflict between Israel and Hamas threatens to push oil prices higher by straining relations between major oil-producing countries in the Middle East, according to Wall Street experts. Oil prices rose Monday after the weekend attacks, though they remain below recent highs from two weeks ago. Saudi Arabia One key player on the sidelines of the war is Saudi Arabia. Iran The other major oil producer tied into the conflict is Iran, the chief backer of Hamas. Bank of America's Doug Leggate said in a note to clients that the United States could release oil from its strategic petroleum reserve if prices spike.

Persons: Goldman Sachs, Daan Struyven, Struyven, Helima Croft, Antony Blinken, Goldman's Struyven, Ed Morse, East . Bank of America's Doug Leggate, Leggate, — CNBC's Michael Bloom Organizations: Texas, Wall Street, Israel, Saudi, RBC Capital Markets, Hamas, East . Bank of America's Locations: Israel, Gaza, East, Saudi Arabia, Saudi, Iran, U.S, Lebanon, United States

☆ Premarket stocks: Is Big Oil running out of gas?
▼ + stars: | 2023-04-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Oil and gas stocks have been on a two-year tear, ripping ahead as natural gas prices surged due to supply chain kinks, a strong economy, and Russia’s invasion of Ukraine. What’s happening: Brutally high oil and gas prices were the talk of the town last year and one of the largest contributing factors to sky-high inflation. That’s bad news for automobile drivers, but ended up being great for the energy industry as oil prices and energy stocks are closely interlinked. Blackstone is feeling the commercial real estate slumpThe ongoing commercial real estate slowdown has a new victim: Blackstone. Profits from the sale of commercial real estate assets fell 54% to $4.4 billion, down from $9.5 billion last year.

☆ Bank of America says buy these 17 oil stocks that have upsides of up to 180% as OPEC tightens supply and gas prices are expected to rise
▼ + stars: | 2023-04-05 | by ( Laila Maidan | ) www.businessinsider.com time to read: +1 min

As OPEC tightens supply, gas prices will rise but so will share prices for the sector's stocks. OPEC's announced cuts have already sent WTI up by 6% since Sunday. A note from Bank of America estimates that the sector's stocks have an average upside of 31%. Oil prices had been on a gradual decline since June after West Texas Intermediate crude, the US benchmark, hit an all-time high of about $123 a barrel in March. OPEC's announced cuts helped oil rally above $81, up by about 6% since Sunday.

☆ Premarket stocks: Is this the beginning of the end for Big Oil's windfall?
▼ + stars: | 2023-01-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Brutally high oil and gas prices were the talk of the town and one of the largest contributing factors to sky-high inflation. That was bad news for drivers, but ended up being great for the energy industry as oil prices and energy stocks are closely interlinked. As markets fell under the pressures of economic uncertainty, geopolitical chaos, elevated inflation and a hawkish Fed, the energy sector thrived. The S&P ended 2022 down nearly 20%, while the energy sector grew by about 60%. But analysts say US oil companies can’t keep winning for much longer.

☆ Chevron's head-turning $75 billion buyback may not be all it's cracked up to be
▼ + stars: | 2023-01-26 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

The massive stock buyback plan unveiled by Chevron on Wednesday may not be much for investors to cheer about, according to Bank of America. The oil giant announced a $75 billion buyback plan and a dividend hike, sending its shares higher by as much as 4% Thursday. However, the updated Chevron stock buyback plan didn't include any management projections as to timing, or an expiration date. Chevron spent $3.75 billion on buyback in the third quarter, equal to a $15 billion annual rate. Because the $75 billion plan is open-ended, it's also subject to future fluctuations in oil prices, Leggate said.

☆ Bank of America downgrades Chevron, calls energy stock a 'victim of its own success'
▼ + stars: | 2023-01-06 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Chevron likely won't see as large of gains as it did in 2022, Bank of America warned. Analyst Doug Leggate downgraded the stock to neutral from buy on Friday. The stock gained more than 50% in 2022 as energy prices soared following Russia's invasion of Ukraine. Still, Leggate said Chevron leads oil producers in capital discipline and has been able to execute large-scale projects following the 2015 drop in oil prices. He also said the acquisition of Noble Energy would "add long life production with options built around regional exploration."

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