Oil Majors Steady; Utilities Face Headwinds

ExxonMobil ($XOM) closed at $149.56, with shares roughly flat over the past day and week while declining approximately 2% over the past month. The stock has delivered 21.9% total returns year to date despite recent short-term weakness. $XOM is targeting 2.5 million barrels of oil equivalent per day of production from the Permian Basin by 2030, leveraging its expanded footprint and advanced development techniques in the region.

Chevron ($CVX) was highlighted in new research reports from Zacks, with analysts examining growth drivers, earnings trends, and key risks shaping the company's outlook. $CVX appeared alongside non-energy names in multiple analyst publications as investors assess the major's strategic positioning. The broader sector continues to draw attention as geopolitical factors influence sentiment around integrated oil producers.

Valero Energy ($VLO) reached $258.26 at the close of trading, reflecting a 2.27% gain and outpacing the broader stock market. The refiner announced it will host a conference call on July 30, 2026, to discuss second quarter 2026 financial and operational results, with the earnings release scheduled for that morning. Phillips 66 ($PSX) attracted attention from billionaire investor Paul Singer's Elliott Management, which holds a stake valued at $2,484,149,040 in the refiner. Bulls believe $PSX is positioned to benefit from the loss of refining capacity in the U.S. and Europe over recent years, particularly amid escalating Middle East tensions.

NextEra Energy ($NEE) has faced significant share price weakness, trading at $83.66 after declining 14% over the past month and 10% over the past three months. The utility's 30-day share price return fell 13.71%, though the company has delivered a 1-year total shareholder return of 21.82%. Despite recent underperformance, $NEE continues to be featured in discussions of reliable dividend growth machines for retirement portfolios. Analysts are reassessing the company's valuation following the recent pullback from earlier highs.

Escalating Middle East tensions are influencing investor positioning in the refining sector, with analysts specifically highlighting the potential impact on Phillips 66 ($PSX) amid Strait of Hormuz disruption risks. Investors are closely watching developments in negotiations with Iran as geopolitical factors continue to shape energy market dynamics. BP has surged 45% over the past year, driven by 14 new discoveries and refining adjustments, though the Strait of Hormuz disruption risk remains a concern despite the company's 3.19x EV/EBITDA valuation.

Valero Energy ($VLO) will report second quarter 2026 earnings on July 30, 2026, providing investors with insight into refining margins and operational performance during the period. Devon Energy ($DVN) and Occidental Petroleum ($OXY) are drawing increased attention from investors on Zacks.com, suggesting heightened interest in independent exploration and production names. SLB agreed to acquire Tachyus to expand its digital portfolio with AI-powered reservoir optimization tools, strengthening its recovery-focused solutions and positioning the oilfield services company for enhanced technical capabilities.