Energy stocks are a critical component of any well-rounded investment portfolio. This is because energy stocks provide exposure to a fundamental driver of economic growth and can offer both stability and upside potential. However, energy stocks also come with a unique set of risks that investors need to be aware of.
Energy prices are highly volatile, and energy stocks tend to be sensitive to changes in the broader market. Energy stocks also tend to be more cyclical than other sectors, so they may underperform during periods of economic downturn. Nevertheless, for investors who are willing to accept these risks, energy stocks can offer compelling long-term returns. If this has you keen on investing in the energy sector, here are two top energy stocks to watch in the stock market this week.
Energy Stocks To Watch This Week
1. Exxon Mobil (XOM Stock)
Leading off, Exxon Mobil Corporation (XOM) is an American multinational oil and gas corporation. In brief, ExxonMobil’s business segments are upstream, downstream, and chemical. For a sense of scale, In 2021, XOM produced 2.3 million barrels of liquids and 8.5 billion cubic feet of natural gas per day. Additionally, at the end of 2021, reserves were 18.5 billion barrels of oil equivalent, 66% were liquids. What’s more, Exxon Mobil is the world’s largest refiner with a total global refining capacity of 4.6 million barrels of oil per day.
XOM Recent Stock News
This past Friday, Exxon Mobil reported a beat for its third quarter 2022 financial results. In detail, the energy company posted Q3 2022 earnings of $4.45 per share and revenue of $112.1 billion. Meanwhile, Wall Street’s consensus estimates for the quarter were earnings of $3.88 per share, and revenue estimates of $119.1 billion.
Moreover, the company notched in a 51.9% increase in revenue compared to the same period, a year prior. Also, Exxon announced that it declared a fourth-quarter 2022 dividend of $0.91 per share, representing an increase of $0.03 per share.
Furthermore, Darren Woods, chairman, and CEO at XOM said, “Our strong third-quarter results reflect the hard work of our people to invest in and build businesses critical to meeting the demand we see today. We all understand how important our role is in producing the energy and products the world needs, and third-quarter results reflect our commitment to that objective.“
XOM Stock Chart
Last week Friday, shares of XOM stock closed the trading day up 2.74%. Meanwhile, XOM stock is set to open Monday’s trading session at $110.70 per share.
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2. ConocoPhillips (COP Stock)
Following that, ConocoPhillips (COP) is one of the leading American energy companies with operations in 13 countries worldwide. For starters, ConocoPhillips is engaged in the exploration, development, production, and marketing of crude oil, natural gas, and natural gas liquids. For a sense of scale, in 2021, COP produced 1.0 million barrels per day of oil and natural gas liquids and 3.2 billion cubic feet per day of natural gas.
COP Recent Stock News
Late last month, the company announced it will release its third-quarter 2022 financial results this week on Thursday, November 3, 2022. With that, the company will announce its Q3 2022 results before the stock market opens on Thursday. To recap, COP reported a beat for its Q2 2022 financial results. Specifically, the energy company posted Q2 2022 earnings of $3.91 per share and revenue of $22 billion.
COP Stock Chart
On Friday last week, COP stock closed the trading day green by 0.42% at $127.17 per share. What’s more, in the last month of trading action, shares of COP stock are up 24.26%.
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