After oil prices rose to multiyear highs in the mid-$70s per barrel earlier this summer, they have hung in the high $60s in August so far as the resurgent coronavirus spurs international travel restrictions while the number of people receiving vaccinations steadily rises. Oil prices are likely to remain stable while the global economy recovers amid the global pandemic, says Rob Thummel, senior portfolio manager at TortoiseEcofin in Overland Park, Kansas.
Taking into account the lack of clear direction for oil and the intensifying push to combat climate change, here are seven valuable energy stocks to add to a portfolio.
BP plc (BP)
BP, an energy behemoth that owns a large portfolio of renewable assets, provides a 5.2% dividend yield. The company agreed to acquire 9 gigawatts of U.S. solar development projects from developer 7X Energy in June. This acquisition would increase the company's renewables pipeline from 14 GW to 23 GW. BP also owns offshore wind interests in the U.S. and U.K. and plans to develop 50 GW of renewable generating capacity by 2030. BP generates one of the best production outlooks of international oil companies, and the stock could generate returns of 7.2% in 2021 and 10.1% in 2022 with crude oil prices at $70 per barrel, Underhill says.
Source: https://finance.yahoo.com/news/10-best-energy-stocks-buy-191617467.html
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