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Five Oil & Energy Stocks Surging Today

U.S. oil prices closed at the highest levels of 2016 on Tuesday following rumors that producers in Russia and Saudi Arabia have finally agreed to freeze output. The news comes ahead of a meeting of the world’s top producers on Sunday.

According to a diplomatic source in Qatar via Russia’s Interfax news agency, Russia and Saudi Arabia reached a consensus on an output freeze that will not depend on Iran. At the same time, the U.S. government announced that U.S. crude oil output was expected to fall by over 500,000 barrels per day in 2017.

With U.S. production cuts in the future and an output freeze finally coming out of the Middle East, this could finally be the push upwards that the oil industry has needed. Oil and energy stocks were pretty much green across the board today, illustrated by the S&P Oil and Gas ETF XOP, which closed up about 6.7%.

Some of the biggest individual movers today include SM Energy SM at +22.7%, WPX Energy WPX at +9.7%, Southwestern Energy SWN at +15.3%, Approach Resources AREX at +11.2%, and Vanguard VNR at +12.6%.

Currently, AREX has a Zacks Rank #2 (Buy) ranking, while Vanguard has a Zacks Rank #1 (Strong Buy).

Other notable oil and gas stocks include Antero Resources AR, a Zacks Rank #1 (Strong Buy) which closed up 7.9%, and World Point Terminals WPT, another Zacks Rank #1 (Strong Buy) which is up about 1.4% today.

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SOUTHWESTRN ENE (SWN): Free Stock Analysis Report
SM ENERGY CO (SM): Free Stock Analysis Report
VANGUARD NATURL (VNR): Free Stock Analysis Report
APPROACH RESRCS (AREX): Free Stock Analysis Report
WPX ENERGY INC (WPX): Free Stock Analysis Report
WORLD POINT TER (WPT): Free Stock Analysis Report
ANTERO RESOURCE (AR): Free Stock Analysis Report
SPDR-SP O&G EXP (XOP): ETF Research Reports
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