Most of the best-performing stocks of 2022 up to this point are highly exposed to the red-hot energy market. Russia's invasion of Ukraine has sent oil, natural gas, coal and other commodity prices soaring, creating an earnings tail wind for many energy sector stocks. Stocks that are highly correlated to oil prices have generally been great investments so far this year. However, high correlation to crude can be a double-edged sword, as many energy investors experienced when crude prices collapsed in early 2020. Here are the seven Bank of America buy-rated stocks with the highest correlation to WTI crude oil prices.
APA Corp. (APA)
Baker Hughes Co. (BKR)
Chevron Corp. (CVX)
Eastman Chemical Co. (EMN)
Exxon Mobil Corp. (XOM)
Fortune Brands Home & Security Inc. (FBHS)
Halliburton Co. (HAL)
APA Corp. (APA)
Baker Hughes Co. (BKR)
Chevron Corp. (CVX)
Eastman Chemical Co. (EMN)
Exxon Mobil Corp. (XOM)
Fortune Brands Home & Security Inc. (FBHS)
Halliburton Co. (HAL)