Low oil prices might be the cure for low oil prices by year-end, but for now, “There ain’t no cure for the summertime blues,” as the song covered by the likes of The Who and Alan Jackson said.

Oil and gas equities were under siege well before the OPEC+ price war erupted in early March and COVID-19 simultaneously swept the globe to stop economies in their tracks, killing oil demand. Storage tanks began to fill. Then came April 20; let’s call it Black Monday. The near-month contract for WTI briefly plunged below zero, dragging energy stocks along for a hairy ride. Both recovered somewhat over the next few weeks, but uncertainty left investors mulling their options.

It has been difficult for analysts to make any Buy calls for the near term, much less for longer, when E&P companies under coverage are in flux and suspending their production guidance and markets are gyrating. Many analysts have suspended price targets or earnings estimates until the second half of this year comes into focus, much less 2021.

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