It has been a wild ride for the oil market the past few months. Oil was shooting up in price until last week’s news broke of the new Omicron coronavirus variant that was discovered in southern Africa.

Now a barrel of oil has fallen below $70.

Add to this the latest news from OPEC, stating that the oil cartel has the power to adjust output quickly if the pandemic continues to change the market, and you’ve got one volatile oil market.

However, oil investors shouldn’t hang their heads in defeat just yet. Goldman Sachs Group Inc. and Bank of America Crop both believe that oil prices have “far overshot the impact of omicron.”

Bank of America Corp is still projecting the price of oil to reach $85, and possibly even $100-a-barrel if air travel recovers

Although the market may not be acting swimmingly currently, there is one stock on which we remain “bullish.”

Our Green Zone rating system lists Chevron Corporation as “bullish,” which means we expect Chevron to outperform the market by 2x over the next 12 months.

It is in the Green Zone, which means we believe it is worth purchasing…if you so choose.

Chevron currently has an earnings per share of $5.17, a market cap of $221. 954 billion, and a dividend of 4.78%, with a price to earning share of 21.74. It’s also a value stock, which means that low-valuation stocks tend to outperform high-valuation stocks.

Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas.

The Downstream segment comprises refining of crude oil into petroleum products; marketing of crude oil and refined products; transporting of crude oil and refined products by pipeline, marine vessel, motor equipment, and rail car.

Hopefully, for oil investors, this is just a slick spot in the market, and stocks like Chevron will grow given time.

And according to our Green Zone rating, that is exactly what we expect to happen.