Oil has traded in a very tight range this year, and after last year’s big run higher, many investors have been disappointed. One who surely has not lost faith in the “black gold” is Warren Buffett, who recently bought an additional $130 million worth of Occidental Petroleum.
Buffett is not the only one bullish on oil. Bank of America Securities’ commodities head of research feels that the second half of the year will see a surge in pricing that finishes 2023 close to the $90 a barrel level. The Goldman Sachs energy team sees $100 per barrel by April of 2024.
Investors looking to initiate or add to positions are in a good spot now. We screened our 24/7 Wall St. energy research database for exploration and production stocks paying solid and dependable dividends and found seven that look like outstanding ideas.
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