Oil faces a 'serious problem' by 2024 as production capacity runs out, warns Goldman — here are 3 big oil stocks with yields as high as 4%

MoneyWise2023-02-08

Oil prices have cooled down in recent months, but Goldman Sachs sees a major rebound on the horizon. Speaking on the sidelines of a conference in Saudi Arabia, Goldman’s global head of commodities ...

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Meanwhile, sanctions against Russia will likely reduce the country’s oil exports.\n“Right now, we’re still balanced to a surplus because China has still yet to fully rebound,” Currie tells Bloomberg. But the analyst notes that by May, the oil market could swing to a supply deficit.\nAnd that’s not all.\n“Are we going to run out of spare production capacity? Potentially by 2024, you start to have a serious problem.”\nDon't miss\n\nGoldman Sachs says bitcoin is not investable — this is where they think you should put 33% of your wealth instead \n'Hold onto your money': Jeff Bezos says you might want to rethink buying a 'new automobile, refrigerator, or whatever' — here are 3 better recession-proof buys \nYou could be the landlord of Walmart, Whole Foods and CVS (and collect fat grocery store-anchored income on a quarterly basis)\n\nEconomics 101 tells us that shortages drive prices up. If Currie is right and oil prices shoot up, oil producers stand ready to benefit.\nHere is a look at three big oil stocks. Wall Street already sees upside in this trio.\nShell\nHeadquartered in London, Shell (SHEL) is a multinational energy giant with operations in more than 70 countries. It produces around 3.2 barrels of oil equivalent per day, has an interest in 10 refineries, and sold 64.2 million tons of liquefied natural gas in 2021.\nIt’s a staple for global investors, too. Shell is listed on the London Stock Exchange, Euronext Amsterdam, and the New York Stock Exchange.\nThe company’s NYSE-listed shares are up 5% over the past year.\nPiper Sandler analyst Ryan Todd sees an opportunity in the oil and gas supermajor. The analyst has an ‘overweight’ rating on Shell and a price target of $70.\nConsidering that Shell trades at around $58.50 per share today, Todd’s price target implies a potential upside of 20%. The stock also offers a dividend yield of 4.0%.\nChevron\nChevron (CVX) is another oil and gas supermajor that’s benefiting from the commodity boom.\nIn 2022, the company reported earnings of $35.5 billion, which represented a 127% increase from 2021. Sales and other operating revenues totaled $235.7 billion for 2022, up 51% year over year.\nLast month, Chevron’s board approved a 6% increase to the quarterly dividend rate to $1.51 per share. That gives the company an annual dividend yield of 3.5%.\nRead more: Your cash is trash: 4 simple ways to protect your money against white-hot inflation (without being a stock market genius)\nThe stock has enjoyed a nice rally too, climbing 23% in the last 12 months.\nIn January, Barclays analyst Jeanine Wai reiterated an ‘overweight’ rating on Chevron while raising the price target from $196 to $212. That implies a potential upside of 24% from the current levels.\nExxon Mobil\nCommanding a market cap of over $460 billion, Exxon Mobil (XOM) is bigger than Shell and Chevron.\nThe company also boasts the strongest stock price performance among the three — Exxon shares are up 36% over the past year.\nIt’s not hard to see why investors like the stock: the oil-producing giant gushes profits and cash flow in this commodity price environment. In 2022, Exxon earned $55.7 billion in profits, a huge increase from the $23.0 billion in 2021. Free cash flow totaled $62.1 billion for the year, compared to $37.9 billion in 2021.\nSolid financials allow the company to return cash to investors. Exxon pays quarterly dividends of 91 cents per share, translating to an annual yield of 3.2%.\nBank of America analyst Doug Leggate has a ‘buy’ rating on Exxon and a price target of $140 — around 25% above where the stock sits today.\nWhat to read next\n\nChances are good you're overpaying for home insurance. Here's how to spend less on peace of mind \nRich young Americans have lost confidence in the stock market — and are betting on these assets instead. Get in now for strong long-term tailwinds \nThe US dollar has lost 98% of its purchasing power since 1971— protect your retirement nest egg with this stable alternative \n\nThis article provides information only and should not be construed as advice. 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