Through its ownership of Energy Transfer Operating (formerly known as Energy Transfer Partners), the company also owns Lake Charles LNG, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco and the general partner interests, and 39.7 million common units of USA Compression Partners.
The company pays out a 9.50% distribution. The $18 Morgan Stanley price target exceeds the consensus target of $16.50, and Energy Transfer stock closed on Friday at $12.84.
Northern Oil and Gas
We have covered this stock since it traded in the single digits, and it is an outstanding small-cap value idea. Northern Oil & Gas Inc. (NYSE: NOG) is an independent energy company engaged in the acquisition, exploration, exploitation, development and production of crude oil and natural gas properties in the United States.
The company primarily holds interests in the Bakken and Three Forks formations in the Williston Basin of North Dakota and Montana. As of December 31, 2020, it owned working interests in 6,640 gross producing wells and it had proved reserves of 122,632 million barrels of oil equivalent.
During the fourth quarter of 2022, severe weather affected production volumes in the Williston and Permian Basins. The company estimates that its December production was impacted by approximately 10,000 barrels of oil equivalent per day, with the Williston Basin accounting for approximately 82% of the reduction and the Permian representing approximately 18%. Despite weather-related outages, the company expects total 2022 production in the range of 75,250 to 75,550 barrels of oil equivalent per day, in line with prior guidance.
The dividend yield here is 4.00%, after the recent increase by 9%. Northern Oil and Gas stock has a Strong Buy rating at Raymond James. Its $50 target price compares with a $47.08 consensus target and a $34.11 close on Friday, which was up 6% for the day.
Pioneer Natural Resources
Many Wall Street analysts love this stock as a pure crude oil play, and the company also employs a variable dividend strategy. Pioneer Natural Resources Co. (NYSE: PXD) operates as an independent oil and gas exploration and production company in the United States.
The company explores for, develops and produces oil, NGLs and natural gas. It has operations in the Midland Basin in West Texas. As of December 31, 2021, the company had proved undeveloped reserves and proved developed non-producing reserves of 130 million barrels of oil, 92 million barrels of NGLs and 462 billion cubic feet of gas, and it owned interests in 11 gas processing plants.
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