A sign is posted in front of a Chevron gas station on July 31, 2020 in Novato, California.
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Chevron and Exxon Mobil should beat earnings estimates for the second quarter and see their shares rise even more, according to Morgan Stanley.
The energy stocks have gained 31% and 56%, respectively, in 2021 as the U.S. economy has reopened and global oil prices have rebounded. West Texas Intermediate crude was above $72 a barrel on Wednesday, up more than 49%.
Morgan Stanley analyst Devin McDermott projected the two oil giants would post second-quarter earnings comfortably above consensus estimates, saying in a note that the results should also push future estimates higher.
