After being severely beaten down over low oil prices, many energy companies now also face serious debt. Bankruptcies in the energy sector wouldn't be a shock now.
But a few energy companies still have low debt relative to their peers -- and TheStreet has uncovered several of these stocks.
Are these companies attractive from a technical perspective? Let's look at the charts.
Stocks (and water) tend to take the path of least resistance.
In this daily bar chart of PSX, above, one can see that there were four times when Phillips 66 stock pushed below or tested the $75 level -- in August, September, January and February. There were only two times when the stock pushed above $85.
The upside should be the way to go.
Prices have rallied above the 50-day and the 200-day moving averages, and both are rising. Add in an uptick in the On-Balance-Volume, or OBV, line, and a bullish divergence between the price action and the momentum study in December, January and February.
Looking at a little more price history on Phillips 66 stock, we can see that prices are above the 40-week moving average.
The OBV line is positive for about two years on this time frame, and the moving average convergence/divergence oscillator is poised to go above the zero line for a buy signal from this trend-following indicator.
The OBV line has been inching up this month. The MACD oscillator is in a bullish configuration.
Chevron stock needs to break above the November high and $100 to be a bullish breakout.
After a number of tests of the 40-week moving average, Chevron stock is now over the average line.
The OBV line is steady, and a rising MACD oscillator is pointed up and nearing the zero line for a buy signal.
The OBV line for Valero stock turned up in September and just made a new high for the move up. This new OBV high before the price high is foreshadowing higher price highs ahead.
In this longer-term look at Valero stock, we can see a good uptrend with prices above the rising 40-week moving average line.
The OBV line on this time frame has been positive and rising for the past two years. Lastly, the MACD oscillator turned up for a fresh buy signal.