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For the first nine months of this year, the 24 most significant oil and gas companies posted a combined profit of $174 billion. They also registered a $74 billion profit in the third quarter alone, due to skyrocketing gasoline prices. Following a short dip, oil prices rebounded by $2 on December 7, with Brent Crude futures climbing 2.7% to $75.05 per barrel, and West Texas Intermediate up 3.2% to $71.74 per barrel, on easing omicron concerns and the stalling of Iran’s nuclear talks.
Given this backdrop, we think it might be reasonable to bet on cheap oil and gas stocks Crescent Point Energy Corp. (NYSE:CPG) and TransGlobe Energy Corporation (TGA), which Wall Street analysts predict will rally by more than 25% in the near term.
