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Stock Picker: Rally Won't Last -- Buy Energy
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Christopher Zook is very suspicious of this summer's stock-market rally. The chairman and chief investment officer of CAZ Investments thinks it's time to get back into energy stocks, which have been taking a beating recently.
"I do not think that the bottom has been reached," Zook told CNBC. "We may have put in a bottom, but I definitely think this rally's going to falter as we get into the third-quarter earnings and the election."
Recommendations:
His shopping list is heavy on oil-service companies.
"We like the integrateds, we like Chevron [CVX
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]; we like the oil-service names, we like Tidewater [TDW
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], we like Transocean [RIG
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], we like Nabors [NBR
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], we think those have tremendous upside," he said.
He's not concerned about a further decline in oil prices, because he doesn't think they'll drop much more.
"We think that oil and natural-gas prices will stay in a range somewhere in the low triple digits to high double digits, and in that kind of environment, these service companies are going to make a tremendous amount of money," he said.
Disclosures:
Disclosure information for Christopher Zook was not immediately available.
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