The energy industry is getting hit hard today by the impact of COVID-19, leading even the stocks of the best names in the industry to flounder at low levels. That, however, could be an opportunity for long-term dividend investors looking to buy while others are fearful.
But you need to choose wisely. Here are four charts that show why integrated energy giant Chevron (NYSE: CVX) should be on your energy short list.
There's no point trying to sugarcoat the situation. The economic shutdowns used to slow the spread of COVID-19 led to a material decline in demand for oil and natural gas. In fact, for a brief moment, oil prices fell below zero, meaning that drillers were paying customers to take their oil. There were technical reasons for this historic event, and oil prices have since recovered from that nadir, but it highlights just how bad the situation is today.
Source Fool.com