2 Energy Stocks Moving as Oil Prices Rebound

Oil prices are on the rise due to global demand uncertainty

Deputy Editor
Jun 18, 2024 at 2:17 PM
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Energy stocks are in the spotlight today, as oil prices rebound from last session's lows due to demand uncertainty. These movers include Schlumberger NV (NYSE:SLB) and Valero Energy Corp (NYSE:VLO).

SLB is up 1.9% to trade at $44.45 at last glance, extending its bounce off its June 14, 52-week low of $42.61. Headed for its largest daily percentage gain since January, the equity is currently on track to snap a four-week losing streak. So far this year, shares are down 14.5%. 

Meanwhile, Valero Energy stock has reversed earlier gains, down 0.8% to trade at $149.81 at last check and on track to snap a three-day win streak, after jumping as high as $155.09 earlier. Since the start of 2024, VLO has added 15.4%.

Analysts are plenty bullish on both stocks. Of the 21 covering SLB, 20 rate it a "buy" or better, while 12 of the 16 covering VLO rate it a "strong buy." The 12-month consensus price target on both are also a hefty premium to current levels. 

 

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