Stocks Correlated to Oil Prices
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Hey Insiders,
Last week, OPEC+ announced that it would cut oil production by more than 1 million barrels per day starting in May and continue the cut throughout the year. This reduction was a surprise, and analysts believe that this could cause oil prices to increase by as much as $10 per barrel. Today I want to look at stocks whose price is highly correlated with oil prices, as these stocks may benefit from the move. When expressing the correlation, I will provide a figure between 0 and 1 — 1 would mean that if oil prices increased by 1%, the stock would increase by 1%.
Onward and Upward, |
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 Stock to Watch: Marathon Oil Corporation (NYSE: MRO) - The stock historically has an average correlation of 0.61 to oil prices.
- Marathon Oil Corporation has a forward dividend yield of 1.84%.
- The stock has a 52-week high of $33.42 and a 52-week low of $19.42.
- The company has a P/E ratio of 4.95.
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 Stock to Watch: ConocoPhillips (NYSE: COP) - ConocoPhillips stock has an average historical correlation of 0.6 to oil prices.
- The stock has a P/E ratio of 7.40
- The stock has a 52-week high of $138.49 and a 52-week low of $78.30.
- ConocoPhillips has a forward dividend yield of 2.34%.
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 Stock to Watch: Hess Corporation (NYSE: HES) - Hess Corporation has a historical average correlation of 0.6 to oil prices.
- Hess Corporation has a forward dividend yield of 1.32%.
- The stock has a 52-week high of $160.52 and a 52-week low of $90.34.
- Hess Corporation has a P/E ratio of 21.01.
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 Stock to Watch: EOG Resources, Inc. (NYSE: EOG) - The stock has a historical average correlation of 0.59 to oil prices.
- EOG has a forward dividend yield of 2.88%.
- The stock has a 52-week high of $147.74 and a 52-week low of $89.14.
- The company has a P/E ratio of 9.11.
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 Stock to Watch: Halliburton Company (NYSE: HAL) - Halliburton has a historical average correlation of 0.58 to oil prices.
- The stock has a forward dividend yield of 2.06%.
- The stock has a 52-week high of $43.99 and a 52-week low of $23.30.
- The stock has a P/E ratio of 19.12.
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 Stock to Watch: Devon Energy Corporation (NYSE: DVN) - The stock has a historical average correlation of 0.58 to oil prices.
- Devon Energy Corporation has a forward dividend yield of 10.00%.
- Devon Energy Corporation has a 52-week high of $79.40 and a 52-week low of $44.03.
- Devon Energy Corporation has a P/E ratio of 5.87.
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Trend to Watch: Stocks with High Correlation to Oil Prices Other stocks to consider that have high correlations to oil prices include: - APA Corporation (0.55 correlation)
- Diamondback Energy (0.55 correlation)
- Exxon Mobil Corporation (0.53 correlation)
- Chevron (0.53 correlation)
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 |  | Liam Gill is a lawyer who raised $250k with just an idea and turned it into a $35M tech startup.
He now teaches entrepreneurs how to Pitch, Negotiate and Strategize so they can do the same.
Let's Connect |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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