Big Energy Stocks Hit New 2023 Highs, Then Back Off

Big market capitalization energy names hit higher 2023 highs this week as oil prices continued upward. Most of these companies have been around for a long time, and they all pay dividends. That they’ve been trending mostly upward for months is noticeable when you examine the charts.

Oil Stocks Price Charts.

Hess is an oil and gas exploration and production company with headquarters in New York. Market capitalization comes to $47.63 billion. The stock trades with a price-earnings ratio of 32.93, more or less in line with the Shiller p/e for the Standard and Poor’s 500.

The weekly price chart for Hess looks like this:

The 200-week moving average continues upward steadily and it looks as if the 50-week moving average tends to provide support whenever it’s reached. Sellers come in at the $160 level — in January and this week. A break above that resistance would be significant.

Noble
NE
Corporation has a market capitalization of $7.05 billion. The offshore drilling company is “organized” in London with U. S. headquarters in Houston, Texas. The stock is trading with a price-earnings ratio of 20. The weekly price chart is here:

The stock moved solidly higher over the summer from a June low of $36 to just above $54 this week. Its 50-week moving average is trending upward and Noble trades well above it.

Petroleo Brasileiro is a New York Stock Exchange traded integrated oil and gas firm with headquarters in Rio De Janeiro. Market cap is $90.67 billion and the stock trades with a price-earnings ratio of 3.09. Here’s the weekly price chart:

The 50-week moving average crossed above the 200-week moving average in February, 2022 and it’s been onward and upward since then. The stock hit $15.50 intraday this week and now goes for $14.93.

Phillips 66
PSX
is another integrated oil and gas company, this one with a market capitalization of $50.60 billion. The price-earnings ratio of 5.07 is well below the p/e of the market as a whole. The weekly price chart looks like this:

The March, 2020 low of $35 would have been a great time to purchase shares — it’s moved higher to the current $116. Both the 50-week and the 200-week moving averages are trending upward, a bullish look.

Sunoco
SUN
is an oil and gas refining and marketing outfit with a market capitalization of $3.80 billion. It trades with a price-earnings ratio of 13.67. The stock is relatively lightly traded for an NYSE-listed security with an average daily volume of 146,000 shares. The weekly price chart is here:

It’s moved steadily upward for a few years now with the 50-week moving average being tested on mid-2022 — but only for a few weeks. Note the trend higher for the 200-week moving average as well.