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Karen Finerman Oil Services Vaneck ETF OIH-N WEAK BUY Aug 31, 2021

She owns some OIH, not much and not much oil exposure overall. Collectively, the oil sector is in better shape these days.

Karen Finerman

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$185.780

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WEAK BUY

Most Canadians are very exposed to oil. This is an interesting spin because it is the oil service companies and not the producers. You can get broader exposure through others in Canada.

DON'T BUY

This will be tied to the energy commodity market, which is in the steepest price decline ever, he thinks. He would be careful as he does not know if we are at the lows for oil prices. The trend is too well defined to the downside right now. He would be careful trying to pick the bottom.

PAST TOP PICK

(A Top Pick Feb 15/18, Down 42%) He was looking for US oil. This ETF started under-performing mid-year and he got out. He is not rushing back into energy names except for a few very highly beat up names.

BUY

Crude oil prices hit 2018 highs OIH is 45% YTD. It's a way of hedging your risk, because you're buying a basket of stocks. One stock within OIH can be overvalued, but not the entire OIH.

BUY

Even after the war ends, countries and companies will remain reluctant to buy Russian oil. So, this encourages new and expanded drilling in other parts of the world. SLB is the largest holding in this ETF.

DON'T BUY

Exxon and Chevron make up 40% of this ETF, which saw put volumes at 1.5x its average daily volume with puts outnumbering calls 3-1 this past year. For the last two years, energy has outperformed. In 2023, the price of oil rises while oil stocks fall, which reverses the trend of the past two years.

COMMENT

Exxon and Chevron make up 40% of this ETF, which saw put volumes at 1.5x its average daily volume with puts outnumbering calls 3-1 this past year.

WEAK BUY

If oil can sustain current levels, oil socks should be okay for 2023. In recent months, oil stocks like Exxon have held in there, recently touching new highs.

TOP PICK

Oil stocks in Canada have been overlooked. There is a bit of a base going on and they are breaking out from that base. Eventually they will break out from the bottom. If you think oil stocks are going up this has been a bit of a laggard. They also own some oil producers including Suncor. It is a longer term holding.

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Karen Finerman Oil Services Vaneck ETF OIH-N WEAK BUY Aug 31, 2021

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