The energy sector has been on another planet in 2022. While a bear market has run roughshod through every other industry, rising oil prices have driven profits and energy stocks into orbit.
Due to the pandemic depressing share prices, most energy companies already had juicy dividend yields coming into the year. And with recent payout increases, the returns are still well above the rest of the market, making energy one of the best places to look for income.
And here’s another bit of good news. Energy stocks are trading well off their highs thanks to the relentless selling seen over the past two weeks. Indeed, many components are back to prices first seen in March of this year. The magnitude of the decline has been surprising given the relatively shallow dip in crude oil so far. Until the oil bull market dies, selloffs in energy stocks like this should be viewed as buying opportunities.
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