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Oil and energy stocks are experiencing a significant rise, with crude prices surpassing $60 a barrel recently. This surge has been attributed to supply constraints, geopolitical tensions, and a rebound in demand as economies recover from the pandemic.
OPEC+ has been reversing previous production cuts, and U.S. sanctions on Russian and Venezuelan oil have limited supply. The International Energy Agency (IEA) reported stronger-than-expected oil consumption in advanced economies, with refinery throughputs reaching record levels in August, reflecting high demand for refined products.
Key stocks showing promising growth include California Resources Corporation (CRC), which reported Q2 results exceeding EPS and sales expectations by 20%, and is projecting significant upside with analysts raising price targets to $66-$70. NCS Multistage (NCSM) has seen its shares rise 90% year-to-date, with expectations of 8% revenue growth. Tidewater (TDW) posted a remarkable 339% earnings surprise last quarter, with its fiscal 2025 EPS estimates rising 15% and an impressive average day rate per vessel of $23,000.
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