Bank of America analysts predict global spending on oil & gas drilling and completion will rise 22%, the strongest year-over-year gain since 2006. Oil prices are still above $80, up around $30 in 12 months. It’s clear oil and gas investments have the wind at their back.
One exploration method, in particular, hydraulic fracturing or ‘fracking’ as it’s more commonly referred to, has recorded an atypical seasonal frac spread count according to Tudor, Pickering, & Holt ‘TPH’ analyst Taylor Zurcher.
Taylor noted that this has been driven by strength in the Permian Basin. The region will account for a majority of this year’s projected output boost in the US. Analysts predict up to 900,000 barrels per day. Output fell last year due to storm-related cutbacks and pandemic caused shortfalls in demand.
Allied Energy Corp. (OTCMKTS:AGYP) is one company utilizing fracking techniques in the region investors should look into. The company gained a sizeable following in 2021, reaching a high of 80 cents per share at its peak. Toward the end of the year as the company had less to say, the stock has receded back to its current support level. With three operational projects, five wells online, and a sixth on the horizon, AGYP has many potential catalytic announcements on the horizon. Keep AGYP on your watchlist because it is one stock investors looking for speculative opportunities in the oil & gas industry should start researching.
Comstock Resources, Inc. (NYSE:CRK) stock has seen selling interest over the past few months with a jump of over 10% over the past quarter and leading the top spot in the oil & gas sector. Moreover, the stock has gained 6% so far this year. On Wednesday, CRK stock was down 0.60% to $8.58 with more than 2.77 million shares exchanged hands, above its average volume of 2.75 million shares.
Foothills Exploration Inc (OTCMKTS:FTXP) is another stock in the energy sector which has been showing consistent rise. The stock has moved up 3812 over the past month. The stock closed ended flat at $0.0007 on Wednesday with more than 112.26 million shares traded hands, compared to its average volume of 185.28 million.
Total Energy Services Inc. (OTCMKTS:TOTZF) stock continued to trend higher in Wednesday’s trading session. TOTZF stock ended lower by 0.23% to $5.32 with more than 14k shares exchanged hands, above its average volume of 3.3K shares. The stock has soared over 60% in the past month.
ProPetro Holding Corp. (ASX:COE) is another stock in the energy sector which has been showing consistent rise. The stock moved up 3.40% on Wednesday on higher than average volume. Moreover, the stock has fallen 25% over the past year. Cooper Energy Limited, an upstream oil and gas exploration and production company, engages in securing, finding, developing, producing, and selling of hydrocarbons to south-east Australia.
Aura Energy Limited (ASX:AEE) stock continued to trend higher in Wednesday’s trading session. AEE stock ended higher by 6% to AUD$0.355 with more than 780k shares exchanged hands, below its average volume of 972k shares. The stock has soared over 25% so far this year.