5 Best Oil Stocks To Buy Right Now

Halliburton Company (NYSE:HAL) is one of JPMorgan‘s top oil picks for 2017. Halliburton is the second-largest oil services company, whose stock has gained more than 65% over the past 12 months, mainly due to the growth of its business amid an increasing appetite for refracturing technologies around the world.   Investment firm Bernstein recently initiated covering Halliburton (NYSE: HAL) with an ‘Outperform’ rating and a price target of $64. JPMorgan has a price target of $63 on Halliburton’s stock. 56 hedge funds out of 742 funds tracked by Insider Monkey were long Halliburton Company (NYSE:HAL), as of the end of the third quarter.

Even though Whiting Petroleum Corp (NYSE:WLL) registered massive losses in 2016 due to high production costs, the company is set to strengthen in 2017 as it got rid of its high-cost assets last year. Whiting’s lease operating expenses on each barrel of oil equivalent dropped to $7.98 after it sold North Ward Estes. The Colorado-based company is also increasing its production at its most important field asset, Williston Basin. The company is using special techniques to frac sand to complete wells in horizontal direction, which has resulted in enhanced production and reduced drilling times. Whiting Petroleum Corp. (NYSE:WLL)’s price target was increased to $15 from $12 by investment banking firm KeyCorp on Tuesday. Carl Goldsmith and Scott Klein’s Beach Point Capital Management owns 2.74 million Whiting Petroleum Corp (NYSE:WLL) shares, as of the end of the September quarter.

Transocean LTD (NYSE:RIG)’s shares have skyrocketed by over 54% in the past three months. The Switzerland-based company, which owns the largest fleet of offshore drilling rigs, has low debts and an excellent cash liquidity. Its debt-to-equity ratio stands at 55%, versus the industry’s average of 62%. Transocean has a strong global footprint, and extensive experience of working in all major deepwater markets. As of the end of the third quarter, 35 funds in our system were bullish on Transocean LTD (NYSE:RIG), up from 32 funds a quarter earlier. Robert Pitts’ Steadfast Capital Management owns 14.64 million shares of Transocean.

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