CNBC Pro looked for stocks that could benefit from further gains in oil.
The stocks on the list fell under the following criteria: Russell 1000 member 50-day correlation with WTI of 0.55 or more Average correlation with WTI since 2015 of 0.55 or more A positive correlation value indicates movement in the same direction for the stock and oil prices. The higher the correlation value is to 1, the stronger the relationship between the stock and oil prices. Take a look at the companies that made the cut, and where analysts see them headed next.
More than half of the analysts covering the stock rate it a buy or a strong buy, according to Refinitiv. The average price target suggests shares have additional 12.3% upside from Friday's close. The stock gained 1.4% Monday morning. Devon Energy is set to report its second-quarter earnings Tuesday. Diamondback Energy Diamondback Energy, another name on the list, has gained almost 12% in July. The stock's 50-day and average correlation since 2015 are 0.63 and 0.56, respectively.
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