Highlights
- The US will release millions of barrels of oil in collaboration with China, India, Britain, and others.
- Northern Oil and Gas, Inc. (AMEX: NOG) stock surged over 132% YTD.
- Devon Energy Corporation (NYSE: DVN) revenue rose over 69% YoY in Q3, FY21.
The United States said on Tuesday that it would release millions of barrels of oil from its strategic reserves in coordination with China, India, Japan, Britain, and other countries.
The move is aimed at curbing energy prices. It comes after OPEC and its allies failed to boost oil production and supplies despite repeated appeals from various countries.
Here we explore the top oil and gas stocks that may benefit from these developments.
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Northern Oil and Gas, Inc. (AMEX: NOG)
Northern Oil and Gas is an independent energy company based in Minnetonka, Minnesota, and focuses on the acquisition, exploration, and development of oil and natural gas properties.
The shares of the company traded at US$29.12 at 2:26 pm ET on November 23, up 7.18% from their closing price of November 22. Its stock value increased by 132.77% YTD.
The firm has a market cap of US$1.42 billion, and a forward P/E one year of 5. Its EPS is US$-6.36. The 52-week highest and lowest stock prices were US$27.87 and US$5.75, respectively. Its trading volume was 1,251,580 on November 22.
The company's total revenue was US$131.50 million in Q3, FY21, compared to US$47.32 million in the same quarter of the previous year. Its net income came in at US$12.55 million against a loss of US$233.004 million in the comparable quarter of the previous year.
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PDC Energy, Inc. (NASDAQ: PDCE)
PDC Energy is a Denver, Colorado-based independent energy company that focuses on the production and development of oil, gas, and natural gas liquids (NGL).
The stock of the company was priced at US$54.175 at 2:32 pm ET on November 23, up 3.53% from its previous closing price. The PDCE stock rose 156.77% YTD.
The market cap of the company is US$5.31 billion, the P/E ratio is 133.02, and the forward P/E one year is 6.86. Its EPS is US$0.41. The stock saw the highest price of US$59.00 and the lowest price of US$16.50 in the last 52 weeks. Its share volume on November 22 was 856,461.
The firm's total revenue was US$486.36 million in Q3, FY21, compared to US$249.21 million in the same quarter of the previous year. Its net income was US$145.32 million, or US$1.45 per diluted share, versus a loss of US$30.78 million, or US$0.31 per diluted share in Q3, FY20.
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Devon Energy Corporation (NYSE: DVN)
It is an Oklahoma-based energy company that engages in hydrocarbon exploration.
The shares of the company traded at US$43.18 at 2:44 pm ET on November 23, up 4.96% from their closing price of November 22. Its stock value increased by 155.05% YTD.
The firm has a market cap of US$29.44 billion, a P/E ratio of 26.05, and a forward P/E one year of 12.21. Its EPS is US$1.67. The 52-week highest and lowest stock prices were US$44.79 and US$13.43, respectively. Its trading volume was 10,700,530 on November 22.
The company reported a revenue of US$3.46 billion in Q3, FY21, compared to US$1.06 billion in the previous year's third quarter. Its net earnings came in at US$844 million against a loss of US$90 million in Q3, FY20.
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Continental Resources, Inc. (NYSE: CLR)
Continental Resources is an energy company based in Oklahoma. It engages in the exploration and production of petroleum and natural gas.
The stock of the company was priced at US$49.33 at 2:56 pm ET on November 23, up 7.90% from its previous closing price. The CLR stock rose 166.59% YTD.
The market cap of the company is US$18.07 billion, the P/E ratio is 21.87, and the forward P/E one year is 10.14. Its EPS is US$2.26. The stock saw the highest price of US$55.48 and the lowest price of US$14.95 in the last 52 weeks. Its share volume on November 22 was 1,321,324.
The company reported a revenue of US$1.34 billion in Q3, FY21, compared to US$692.37 million in the year-ago quarter. Its net income came in at US$370.52 million against a loss of US$81.58 million in Q3, FY20.
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Murphy Oil Corporation (NYSE: MUR)
Murphy Oil Corporation is an oil and natural gas exploration and production firm that operates through its subsidiaries. It is based in Houston, Texas.
The shares of the company traded at US$29.03 at 3:03 pm ET on November 23, up 6.85% from their closing price of November 22. Its stock value increased by 117.01% YTD.
The firm has a market cap of US$4.46 billion, and a forward P/E one year of 19.41. Its EPS is US$-2.69. The 52-week highest and lowest stock prices were US$31.00 and US$9.77, respectively. Its trading volume was 2,045,981 on November 22.
The company's total revenue and other income came in at US$630.70 million, compared to US$421.86 million in the previous year's third quarter. Its attributable net income came in at US$108.45 million against a loss of US$243.55 million in Q3, FY20.
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Bottomline
The oil prices rose to a one-week high on Tuesday after the news. The US and other consumer nations are expected to release around 10 million barrels of oil from reserves to control the soaring prices. The WTI Crude oil prices jumped 2.57% to US$78.72 at 1:40 pm ET on Nov 23.
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