Supply disruptions in the Middle East following the U.S. and Israeli attacks on Iran have sent oil and gas prices soaring so far in 2026. Investors anticipate the Donald Trump administration will continue to support the energy sector with favorable policies, and stocks that are highly correlated to oil prices could generate big profits in 2026 and beyond.
That said, high correlation to crude prices can be a double-edged sword, as many energy investors experienced when oil prices collapsed in 2020. Here are six Bank of America “buy”-rated stocks with historically high correlations to WTI crude oil prices:
Stock
Targa Resources Corp. （ticker: TRGP）
SLB Ltd. （SLB）
Halliburton Co. （HAL）
Baker Hughes Co. （BKR）
Chevron Corp. （CVX）
Devon Energy Corp. （DVN）
Targa Resources Corp. （TRGP）
Targa Resources is a U.S. midstream logistics company that specializes in onshore natural gas and natural gas liquids, or NGLs. /Targa is anticipating its Speedway NGL pipeline stretching from the Permian Basin to Mont Belvieu, Texas, will come online in the second half of 2027. Analyst Jean Ann Salisbury says the Speedway pipeline coupled with a ramp in liquefied petroleum gas （LPG） export capacity have Targa positioned for a spending reduction and a major free cash flow inflation by the end of 2027. Bank of America has a “buy” rating and $253 price target for TRGP stock, which closed at $240.05 on March 13.
SLB Ltd. （SLB）
SLB is one of the world’s leading oilfield services companies. Analyst Saurabh Pant says SLB is the industry leader in international and offshore oil services and is a top stock pick for 2026. Pant says the U.S. shale market is recovering, but SLB’s international business will likely be its key growth driver over the medium term. He says other bullish catalysts include unique upside opportunities from the company’s digital and data center solutions business and its attractive valuation for both new and returning energy investors. Bank of America has a “buy” rating and $55 price target for SLB stock, which closed at $44.72 on March 13.
Halliburton Co. （HAL）
Halliburton is a leading U.S. oilfield services company. Pant says investors don’t fully appreciate Halliburton’s international business, and he anticipates global upstream spending will accelerate in 2027 and 2028. He says Halliburton is taking a disciplined approach to its North American business, focusing on steady growth and the most profitable opportunities until the next boom cycle. Halliburton also has a strategic collaboration with natural gas power generation company VoltaGrid to supply electricity to data centers, which Pant says could provide additional growth and optionality. Bank of America has a “buy” rating and $37 price target for HAL stock, which closed at $33.69 on March 13.
Baker Hughes Co. （BKR）
Baker Hughes is a U.S. oilfield services company that provides equipment and technology for the energy sector. The company is known as the global leader in liquefied natural gas （LNG） liquefaction. Baker Hughes’ stock is up 19.6% year to date through March 13, making it a standout performer on this list. Pant says Baker Hughes is well positioned to capitalize on its focus on LNG, new energy and gas infrastructure, and power. He says the addition of aftermarket services for its base of installed equipment has created a sizable recurring earnings stream. Bank of America has a “buy” rating and $65 price target for BKR stock, which closed at $54.26 on March 13.
Chevron Corp. （CVX）
Chevron is a global oil major that operates exploration and production, petrochemical, and refining and marketing businesses. /Chevron shares have a 3.6% dividend yield, the highest on this list. In 2025, Chevron completed its acquisition of Hess following nearly two years of regulatory uncertainty. Salisbury says Chevron is poised to benefit from the U.S. military operations in Venezuela thanks to existing local personnel and relationships. Chevron recently said it plans to grow its Venezuela assets by an additional 50% in the next two years. Bank of America has a “buy” rating and $206 price target for CVX stock, which closed at $196.82 on March 13.
Devon Energy Corp. （DVN）
Devon Energy is one of the largest U.S. independent oil and gas exploration and production companies, and its shares are already up 26.9% in 2026 through March 13. Analyst Kalei Akamine says Devon’s plan to merge with Coterra Energy Inc. （CTRA） would make the combined company the largest oil and gas exploration and production company focused on the contiguous U.S. If the deal is completed, Akamine says scale advantages could help the stock re-rate higher. Bank of America has a “buy” rating and $46 price target for DVN stock, which closed at $46.25 on March 13.
