Could investors jump on these top oil stocks during this holiday-shortened week?
The post Top Stocks To Buy Now? 3 Oil Stocks In Focus appeared first on…
Are These The Best Oil Stocks To Invest In This Month?
Even with the stock market being closed on Independence Day, investors would likely continue to survey oil stocks. After all, the industry continues to receive plenty of attention as oil prices remain high. As most would know, this would be due to the ongoing conflict in Europe between Russia and Ukraine. The likes of which have and continue to see world leaders issue sanctions on Russia. Accordingly, Russia is retaliating by ramping up its crude oil output reductions as well.
Because of the current situation in Eastern Europe, JPMorgan (NYSE: JPM) analyst Natasha Kaneva believes oil prices could soar further. According to Kaneva, Russia can withstand a daily crude production cut of 5 million barrels. Should this be the case, the analyst sees crude prices soaring to a “stratospheric” $380 per barrel. In Kaneva’s words, “It is likely that the government could retaliate by cutting output as a way to inflict pain on the West. The tightness of the global oil market is on Russia’s side.”
Overall, with further potential upside for oil prices, oil stocks would be coming into focus among investors. Also, some of the biggest players in the industry continue to press forward as well. Take ConocoPhillips (NYSE: COP) and BP (NYSE: BP) for example. On one hand, ConocoPhillips just announced a minor gas discovery in Norway last week, opening up additional gas exploration options. On the other hand, BP, as of last month, is currently working on one of the largest renewables and green hydrogen hubs worldwide. Safe to say, the industry appears to be kicking into high gear even as energy supplies dwindle. With all this in mind, here are three more oil stocks to note in the stock market this week.
To begin with, we will be taking a look at the Exxon Mobil Corporation. In essence, Exxon is a leading name in the oil and gas industry. Through its multinational operations, the company boasts a massive petrochemical portfolio. Among Exxon’s core operating segments are its Upstream, Product Solutions, and Low Carbon Solutions arms. Through all these segments, the company has and continues to produce a vast array of products. This ranges from conventional energy, chemicals, and lubricants to low-emission tech.
Notably, a recent SEC filing could be putting the company’s stock in the spotlight this week. Getting into it, Exxon is currently expecting its second fiscal quarter operating profit to increase by about $7.4 billion sequentially. Should this be the case, it would represent a record quarterly profit for the company. Seeing as Exxon is also set to report its current quarterly figures next month, this could result in investors eyeing XOM stock.
Providing additional context to all this is the company via a statement. Exxon notes, “High energy prices are largely a result of underinvestment by many in the energy industry over the last several years and especially during the pandemic.” As it stands, the current consensus figure on Wall Street for Exxon’s upcoming earnings per share is $2.99. This would represent a sizable 171% increase from the same quarter last year. After considering all this, would XOM stock be a top buy in your book?
Chevron is another energy firm to consider in the stock market now. For the most part, the company specializes in producing a wide range of offerings. This ranges from the production of crude oil and natural gas to the manufacturing of transportation fuels and petrochemicals. Aside from that, Chevron also develops additives alongside industry-relevant tech solutions. With operations in over 180 countries worldwide, Chevron is no newcomer to the industry.
Despite its notable operations, Chevron does not seem to be slowing down anytime soon. Just last month, the company made two significant moves on the operational side. For starters, the company currently owns the Renewable Energy Group. This follows the completion of the acquisition on June 13. Speaking on this is the executive VP of Downstream & Chemicals, Mark Nelson. He states, “Chevron now offers our customers an expanded suite of cost-effective, lower carbon solutions that utilize today’s fleets and infrastructure.” Accordingly, Nelson notes that this will continue to bolster Chevron’s “leading renewable fuels” portfolio.
Additionally, about a week after, Chevron also initiated a move into the upcoming U.S. liquefied natural gas (LNG) export market. This is evident from the two agreements it designed to boost sales of its shale gas across global markets. In detail, the company currently has an agreement with both Cheniere Energy (NYSE: LNG) and Venture Global LNG for a combined total of 4 million tonnes of LNG per annum. As Chevron works to expand into alternative fuel markets, will you be keeping an eye on CVX stock?
Last but not least, we have Occidental Petroleum. In brief, Occidental, like our two previous entries, focuses on making and marketing energy and related essential products. Over the past century, the company has and continues to develop its extensive assets, infrastructure, and tech; catering to the world’s energy demands. According to Occidental, the company has operations across the U.S., Middle East, Africa, and Latin America.
More importantly, many investors today would know of OXY stock thanks to Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A). This would be the case as Berkshire continues to build its stake in Occidental. In fact, a recent filing with the SEC notes that Berkshire made such a move late last week. According to the Berkshire filing, it added 9.9 million shares of OXY stock to its portfolio. This would add up to a whopping 163.4 million shares, worth about $9.9 billion. As a result, Berkshire now has a 17.4% stake in Occidental. Based on data from Refinitiv, this would make its stake about 60% larger than Vanguard, the second-largest shareholder in Occidental.
At the same time, Occidental remains hard at work building its business. Just last week, the company landed a carbon capture and sequestration project in Louisiana. This is through a collaboration with Manulife Investment Management via its low carbon ventures subsidiary 1PointFive. In turn, 1PointFive now has access to “subsurface pore space and surface rights to develop and operate a carbon sequestration hub, with access to permanently store industrial carbon emissions.” All of which would benefit 1PointFive’s Carbon Capture, Utilization, and Sequestration platform. As such, could OXY stock be a top oil stock to invest in for you?
Source: TD Ameritrade TOS
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JMIR Neurotechnology, published by JMIR Publications, welcomes submissions from researchers, clinicians, caregivers, and technologists that explore novel…
JMIR Neurotechnology, published by JMIR Publications, welcomes submissions from researchers, clinicians, caregivers, and technologists that explore novel diagnostic and treatment tools for neurological disorders, particularly those leveraging the potential of neurotechnology.
Credit: JMIR Publications
JMIR Neurotechnology, published by JMIR Publications, welcomes submissions from researchers, clinicians, caregivers, and technologists that explore novel diagnostic and treatment tools for neurological disorders, particularly those leveraging the potential of neurotechnology.
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About JMIR Publications
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fMRI study finds correlated shifts in brain connectivity associated with overthinking in adolescents
COLUMBUS, Ohio – A new study from The Ohio State University Wexner Medical Center and College of Medicine, University of Utah and University of Exeter…
COLUMBUS, Ohio – A new study from The Ohio State University Wexner Medical Center and College of Medicine, University of Utah and University of Exeter (UK) substantiates previous groundbreaking research that rumination (overthinking) can be reduced through an intervention called Rumination-focused Cognitive Behavioral Therapy (RF-CBT). In addition, the use of fMRI technology allowed researchers to observe correlated shifts in the brain connectivity associated with overthinking.
Credit: The Ohio State University Wexner Medical Center
COLUMBUS, Ohio – A new study from The Ohio State University Wexner Medical Center and College of Medicine, University of Utah and University of Exeter (UK) substantiates previous groundbreaking research that rumination (overthinking) can be reduced through an intervention called Rumination-focused Cognitive Behavioral Therapy (RF-CBT). In addition, the use of fMRI technology allowed researchers to observe correlated shifts in the brain connectivity associated with overthinking.
Study findings are published online in the journal Biological Psychiatry Global Open Science.
“We know adolescent development is pivotal. Their brains are maturing, and habits are forming. Interventions like RF-CBT can be game-changers, steering them towards a mentally healthy adulthood. We were particularly excited that the treatment seemed developmentally appropriate and was acceptable and accessible via telehealth during the early pandemic,” said corresponding author Scott Langenecker, PhD, vice chair of research in the Department of Psychiatry and Behavioral Health at Ohio State, who started this project while at the University of Utah.
RF-CBT is a promising approach pioneered by Ed Watkins, PhD, professor of experimental and applied Clinical Psychology at the University of Exeter. It has been shown to be effective among adults with recurrent depression.
“We wanted to see if we could adapt it for a younger population to prevent the ongoing burden of depressive relapse,” said Rachel Jacobs, PhD, adjunct assistant professor of psychiatry and behavioral sciences at Northwestern University who conducted the pilot study in 2016.
“As a clinician, I continued to observe that standard CBT tools such as cognitive restructuring didn’t give young people the tools to break out of the painful mental loops that contribute to experiencing depression again. If we could find a way to do that, maybe we could help young people stay well as they transition to adulthood, which has become even more important since we’ve observed the mental health impact of COVID-19,” Jacobs said.
In the just published trial, 76 teenagers, ages 14-17, with a history of depression were randomly assigned to 10-14 sessions of RF-CBT, while controls were allowed and encouraged to receive any standard treatment. Teens reported ruminating significantly less if they received RF-CBT. Even more intriguing, fMRI illustrated shifts in brain connectivity, marking a change at the neural level.
Specifically, there was a reduction in the connection between the left posterior cingulate cortex and two other regions; the right inferior frontal gyrus and right inferior temporal gyrus. These zones, involved in self-referential thinking and emotional stimuli processing, respectively, suggest RF-CBT can enhance the brain’s ability to shift out of the rumination habit. Notably, this work is a pre-registered replication; it demonstrates the same brain and clinical effects in the Utah sample in 2023 that was first reported in the Chicago sample in 2016.
“For the first time, this paper shows that the version of rumination-focused CBT we have developed at the University of Exeter leads to changes in connectivity in brain regions in adolescents with a history of depression relative to treatment as usual. This is exciting, as it suggests the CBT either helps patients to gain more effortless control over rumination or makes it less habitual. We urgently need new ways to reduce rumination in this group in order to improve the mental health of our young people,” Watkins said.
Next, the researchers will focus on demonstrating the efficacy of RF-CBT in a larger sample with an active treatment control, including continued work at Ohio State, Nationwide Children’s Hospital, University of Exeter, University of Utah and the Utah Center for Evidence Based Treatment. Future directions include bolstering access to teens in clinical settings and enhancing the ways we can learn about how this treatment helps youth with similar conditions.
“Our paper suggests a science-backed method to break the rumination cycle and reinforces the idea that it’s never too late or too early to foster healthier mental habits. Our research team thanks the youths and families who participated in this study for their commitment and dedication to reducing the burden of depression through science and treatment, particularly during the challenges of a global pandemic,” Langenecker said.
This work was supported by the National Institutes of Mental Health and funds from the Huntsman Mental Health Institute and is dedicated to researcher Kortni K. Meyers and others who have lost their lives to depression.
# # #
Journal
Biological Psychiatry Global Open Science
DOI
10.1016/j.bpsgos.2023.08.012
Method of Research
Randomized controlled/clinical trial
Subject of Research
People
Article Title
Rumination-Focused Cognitive Behavioral Therapy Reduces Rumination and Targeted Cross-network Connectivity in Youth With a History of Depression: Replication in a Preregistered Randomized Clinical Trial
Article Publication Date
27-Oct-2023
COI Statement
Edward R. Watkins reports royalties from a treatment manual for RF-CBT published by Guilford Press and licensing of RF-CBT for Internet treatment packages. Sheila E. Crowell is a co-owner of the Utah Center for Evidence Based Treatment, an outpatient psychotherapy practice that is unrelated to this work. Scott A. Langenecker reports
consultant payments from Stony Brook University, Penn State University, and Johns Hopkins University (unrelated to this work) and payments from the Center for Scientific Review (unrelated to this work) and part ownership of Secondary Triad, Inc. (unrelated to this work). All other authors report no biomedical financial interests or potential conflicts of interest.
Republicans and Democrats both have misconceptions about the energy sector, with the former often downplaying climate change and the latter misunderstanding oil industry operations.
Oil prices are determined by global supply and demand, not by individual oil companies; thus, claims of oil companies causing inflation or gouging prices are misplaced.
Implementing policies like windfall profits taxes on oil companies doesn't address the root issues of supply and demand, and it's essential for policymakers to have a comprehensive understanding of the energy sector for effective governance.
Good energy policy starts with a good understanding of energy issues. But both major political parties have glaring blind spots when it comes to understanding the energy sector.
Let me preface this column by noting that I am a registered Independent. I have major disagreements with both political parties, and I strive to approach issues from a completely objective viewpoint.
I think Republicans get it mostly wrong when it comes to climate change, and the importance of transitioning to alternative energy. But they seem to understand the current critical role of fossil fuels in the economy, and they mostly get it right when it comes to supporting nuclear power.
Democrats never seem to understand how the oil industry works. For example, look at the list of Democrats who signed onto the “Big Oil Windfall Profits Tax” introduced last year by Senator Sheldon Whitehouse (D-RI). In announcing the bill, Senator Whitehouse said it would “curb profiteering by oil companies and provide Americans relief at the gas pump.”
The bill was cosponsored by Senators Jeff Merkley (D-OR), Elizabeth Warren (D-MA), Bernie Sanders (I-VT), Richard Blumenthal (D-CT), Tammy Baldwin (D-WI), Sherrod Brown (D-OH), Jack Reed (D-RI), Ed Markey (D-MA), Cory Booker (D-NJ), Michael Bennet (D-CO), and Bob Casey (D-PA). Congressman Ro Khanna (D-CA-17) introduced the legislation in the U.S. House of Representatives.
In addition to claims of price gouging, this same cast of characters has sometimes blamed oil company profits for inflation.
These politicians do not seem to understand that oil companies don’t control prices. Oil is the world’s most valuable commodity. Oil prices are set by buyers and sellers in global markets, based on supply and demand expectations.
Firms like ExxonMobil produce such a small share of the world’s oil they couldn’t move prices much if they wanted to. They benefit from high prices, but don’t set those prices. If they did, prices would never fall.
Saying profits cause inflation confuses cause and effect. It’s like saying hospitalizations cause car crashes. It is true that a car crash can result in hospitalization, but hospitalizations do not cause car crashes. If you believe the latter — and you try to address the problem by focusing on the hospital — you are working on the wrong problem.
Likewise, high profits in the oil industry and inflation are both caused by high oil prices. But high oil prices are caused by supply and demand factors.
Outside of rare circumstances, it’s impossible for oil companies to gouge you, because they don’t set the price. An example of true price gouging would be if a local gas station that sets its own prices doubled them when supply is ample. But Chevron earning more from high global prices set by markets is normal capitalism. That’s how the entire global commodity markets work.
I can only imagine that in the minds of some politicians, executives of Big Oil are meeting in smoke-filled boardrooms, rubbing their greedy hands together, and deciding to raise prices because Russia invaded Ukraine. But that’s not how any of this works.
If politicians want to address oil prices, they need to address the supply side and the demand side. When politicians propose windfall profits taxes on oil companies, intending to give rebates to consumers, it might sound good, but it doesn’t address the core issue.
High prices should signal consumers to use less energy, but rebates would diminish the price signal — which wouldn’t alleviate pressure on demand. On the supply side, punitive taxes on oil companies might sound appealing, but that’s less money that can be allocated to projects, which affects future supplies. Former Venezuelan president Hugo Chávez learned this lesson the hard way, and Venezuela is still paying the price.
Some have expressed outrage that oil companies are using record profits to buy back shares or pay special dividends to shareholders. But it’s common for companies, not just in the oil industry, to buy back shares or pay dividends when profits are high. It’s a part of how our capitalist system works. If companies can issue shares, they should be able to buy them back.
For consumers worried about high oil prices, there are options. You can invest in an oil company. Thus, when oil prices rise, so do your shares. Or consider switching to an electric vehicle to reduce your reliance on fossil fuels.
In conclusion, understanding energy issues is crucial for effective policymaking, yet both major political parties often exhibit significant misunderstandings of the energy sector. By understanding the complexities of the energy sector, policymakers and consumers alike can make informed decisions that contribute to a more sustainable and economically sound future.
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