Oil Prices Surge Above $80: PTEN and WHD Set to Gain
The US has threatened to block Iran's maritime trade, leading to renewed interest in oil and energy stocks. With West Texas Intermediate (WTI) trading above $80 per barrel, investors are looking for companies that will benefit from the higher crude prices.
Patterson-UTI Energy (PTEN) is expected to continue gaining as demand for its services remains robust due to increased exploration and production activities. The company's Zacks Rank #2 (Buy) indicates a strong potential for growth.
Cactus, Inc. (WHD), a manufacturer of pressure-control technologies, is also well-positioned to benefit from the favorable crude pricing environment. Its products support drilling, completion, and production of onshore oil and gas wells, with a handsome backlog reflecting future cash flow generation.