LIKE in many other countries, the Philippine stock market is going through a difficult moment. For the past weeks, stocks tumbled with the Philippine Stock Exchange Index slumped to 3.8 percent and the peso is down due the resulting from the increasing inflation rate. But despite the continues down trend, traders have seen hope as the Index gain to 3.54 percent for the past days.
There is fear that the entire Asian market may be headed into recession if what is happening in countries like Malaysia, India, and Singapore is anything to go by. As with NASDAQ, NYSE, and NSE India, KLCI has fallen owing to heavy losses experienced in the financial, telecoms, and plantations sectors.
Elsewhere, especially in the US, there are concerns after the FED decided to raise the rate for the third time in a row. Traders are concerned that the high rate will impact the economy since many other central banks are taking a cue from the fed’s action. So high-interest rates coupled with high inflation are likely to make things difficult for individuals and businesses. But despite the beating, a few companies have registered tremendous growth and are worth investing in. Here are some companies in the top stocks for Q4 2022 list.
Occidental Petroleum Corporation. The company has its headquarters in Housten, TX, with a market capitalization of $60B. Occidental Petroleum’s revenue for 2022 is $25.96 B, and its shares trade at $64.06.Last year, the company’s shares traded at an average of $50.42 per share. Thus, comparing the current with last year’s share prices, the prices have increased by more than$14.
It is worth noting that Occidental Petroleum Corporation engages in oil extraction and the production of natural gas. The company has 11,678 employees and operates through various segments: oil, gas, midstream, chemical, and marketing segments. The chemical segment specializes in chemicals and vinyl. In contrast, the midstream and marketing engage in different activities, including gathering, transporting, and storing oil.
One of the reasons the company’s shares are experiencing a steep rise in prices is the demand-supply mismatch and uncertainty caused by the Russia-Ukraine war. However, despite the steep rise in shares, it is yet to attain the highs experienced in 2018. This implies that if oil prices continue being supportive, the stock prices will rise further.
PBF energy has its headquarters in Parsippany, New Jersey, with refineries in Louisiana, Chalmette, and Delaware City, to mention a few. The company engages in several activities, from refining to supplying unbranded fuels. Also, the company supplies petrochemical, lubricants, and feedstocks.
In the meantime, the demand for refined oil products is rising steadily. So far, the prices have hit an all-time high across the globe. Thus, coupled with a contracting global refining capacity and the sanctions on Russia, the prices are expected to go even higher. It explains why PBF energy shares continue to rise steadily. Currently, the shares trade at $38.2, making it one of the few companies whose shares have risen recently despite the troubled world economy.
Thus, although PBF Energy Inc.’s outlook looks positive, investors should take note of the cost of compliance with renewable fuel standards. On the positive side, the company is developing a renewable fuel production facility, meaning it will start producing oil in 2023. This is likely to push up the price of its shares.
Helmerich & Payne has its headquarters in Tulsa, Oklahoma, and is a service provider to oil and gas producing companies. Therefore, its performance is connected to oil and gas prices. In fact, this could be the reason why the company is performing well at the moment.
Further, with increased drilling activities, the demand for Helmerich & Payne services is expected to rise.
This will increase the company’s revenue and make it more valuable. Currently, the stocks trade at $41.44.
Final Thoughts
Ordinarily, it is expected that this list features companies from different sectors. However, the prevailing inflation has pulled down stock markets resulting in plummeting prices. So if you are looking forward to buying stocks now, consider buying Helmerich & Payne, PBF energy, or Occidental Petroleum Corporation stocks.
