Energy Could Be a Hot Trade This Summer, Says Chief Investment Officer

Energy could be a hot trade this summer, according to Robert Schein, chief investment officer at Blanke Schein Wealth Management. A supply crunch perpetuated by geopolitical conflicts and shipping disruptions could send oil prices higher. That, in turn, would bode well for shares of energy stocks, Schein said. "I think energy could be the story of the summer," Schein told CNBC Pro. "That could be the one wildcard, if you will.

" Schein called energy stock valuations "really attractive," noting multiples are largely in the low-teen range. He also said companies in the space have strong cash flows and balance sheets. His call comes amid the start of a rebound. The Energy Select Sector SPDR Fund (XLE) has added more than 12% in the first quarter of 2024, outperforming the S & P 500 's gain of just over 10% in the same time period. It's the latest move in a history of rocky trading. The fund lost over 4% in 2023, bucking the broader market's uptren

Source: News Formal (newsformal.com)

Energy Trade Summer Oil Prices Stocks Valuation Rebound Market

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