The Silicon Valley Bank implosion had a huge effect on almost every stock in the financial sector, and the worries spilled over to other sectors as well. Those worries led to a big pullback in oil prices, as panicked traders sold oil futures and asked questions later. However, after a strong week last week, and a jump higher of 5% on Monday, many are speculating that the black gold could be set for a big run higher over the coming months.
One savvy investor who took advantage of the financial issues and the tumbling oil price was Warren Buffett. In early March, the famed investors added an additional 5.8 million shares of Occidental Petroleum at prices ranging between $59.85 to $61.90. He bought 8 million more between March 23 and March 27. It was reported Tuesday that he added an additional 3.7 million shares this week.
We screened our 24/7 Wall St. energy research database looking for stocks with the highest dividends and those rated Buy across Wall Street. Five top stocks made the cut, and all look like tempting buys now for investors looking to add or increase energy exposure.
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