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This year has been a historically brutal one for oil stocks, with a collapse in demand driven by COVID-19 travel restrictions and shutdowns pushing WTI crude oil prices briefly into negative territory for the first time in history.
Yet the oil market has since stabilized, and one analyst said Friday it may finally be time for investors to start dipping their toes in the space in 2021.
The Analysts: Morgan Stanley analysts Devin McDermott and Benny Wong issued rating and price target updates throughout their oil coverage, including the following upgrades:
Diamondback Energy Inc (NYSE: FANG), upgraded from Equal Weight to Overweight, price target raised from $51 to $65.