Energy sector stocks have soared 53% this year and have room to run as investors seek out ESG asset and inflation protection, says Bank of America

Energy sector stocks have soared 53% this year and have room to run as investors seek out ESG asset and inflation protection, says Bank of America

Energy is the best performing sector on the this year as US oil prices have soared by roughly 70%, and the group still holds the potential for further upside, according to Bank of America. BofA clients last week broke a six-week selling streak, purchasing $1.2 billion of US equities, with the period marking the largest inflow into energy stocks since the investment bank started keeping such records in 2008. Last week's buying spree in shares of oil and gas companies was broad-based, with institutional and retail clients, hedge funds, and corporates taking part, the investment bank said in a note published Tuesday. The analysts said that investors have been consistently buying energy stocks since July. The bank didn't specify individual stock names. "We see more room to run and note Energy fits several key themes (inflation-protected yield, ESG improver)," said Jill Carey Hall, head of US small- and mid-cap strategy at BofA, in the research note. ESG refers to with investors increasingly seeing sustainability goals and efforts as material to how a company performs. In a , the investment bank discussed 15 energy stocks it said had strong green credentials as oil prices soared. Meanwhile, many investors have been seeking