ExxonMobil (XOM) and Chevron (CVX) fixed market attention on energy markets with $60 billion moves to strengthen positions in the Permian Basin and in South America, respectively. Three other leading energy stocks with attractive portfolios are near buy points, and also worthy of investor attention.
Joseph Sykora, an analyst at Aptus Capital Advisors, wrote Monday that following the XOM and CVX deals, it is doubtful that any of the larger independents, including Diamondback Energy (FANG) or Devon Energy (DVN), “would be on the table” for acquisition.
Larger companies could still target smaller independents, Sykora said, especially “Permian-centric names.”
Energy Stocks Near Buy Points
FANG stock traded flat in Tuesday’s market action, but it’s edged up nearly 7% so far in October and is working on a fifth straight monthly advance. Diamondback Energy stock briefly topped a 168.95 buy point in an 11-month base pattern.
Meanwhile, Matador Resources added 0.5% Tuesday. The energy stock has formed a cup-with-handle base and is about 3% below an official 65.44 entry, according to MarketSmith.
Permian Resources advanced 1.6% Tuesday morning. PR stock is trading almost even with a cup-with-handle base buy point at 15.30.
SM Energy edged up 0.2% Tuesday. The stock is about 3% below a cup-with-handle base entry at 43.32.
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Barbara Terrio is a seasoned business journalist, delving into the world of finance, startups, and entrepreneurship. With a knack for demystifying complex economic trends, she helps readers navigate the business landscape. Outside of her reporting, Barbara is an advocate for financial literacy and enjoys mentoring aspiring entrepreneurs.