The energy sector has been in focus lately amid a substantial dip in oil prices, with WTI crude futures (CLV24) dropping below $70 per barrel to hit new year-to-date lows. This slump is mainly due to worries about global economic growth, especially in China, and fears about oversupply. Analysts at Goldman Sachs and Morgan Stanley have recently slashed their oil price forecasts, while Citi was already predicting prices in the $60s going into 2025, unless OPEC+ makes further cuts.
With crude futures wallowing near their lows, two energy stocks - Schlumberger Limited (SLB) and Halliburton Company (HAL) - are worth a look for income-focused investors. Both of these oilfield services giants are trading near 52-week lows of their own, offering a tempting opportunity for investors looking to maximize their yield on these reliable dividend stocks.
