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Could the price of oil potentially reach $100 per barrel? This question is currently at the forefront of investors’ minds in the current market landscape with WTI oil trading around $92 per barrel and Brent oil sailing above $95.
This psychological milestone could be a cause for concern for a significant portion of the economy, particularly those heavily reliant on energy prices, as well as consumers who would bear the brunt of further gasoline price increases at the pump.
As is often the case with economic shocks, there are winners as well. Energy companies, oil producers, refineries and crude-related businesses involved in storage and transportation can clearly benefit from the surge in oil prices.
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Following the recent substantial price hikes — oil has seen a more than 30% increase since mid-June 2023 — many oil-related stocks have already factored in this rise, aligning with the median target prices set by Wall Street analysts.
Oil giants like Exxon Mobil Corp. (NYSE:XOM), Chevron Corp. (NYSE:CVX) and ConocoPhillips (NYSE:COP) presently show only minimal projected upside potential, based on the actual median analyst target for each of these stocks.
On the contrary, the following five stocks retain untapped growth potential, with the market potentially underestimating the recent surge in oil prices. Their Wall Street median target prices are at least 20% higher than their current prices, presenting an attractive prospect for investors in search of value within the energy sector.
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