The view from Wall Street: Bottom for commodity stocks?

Sentiment on energy and gold – and oil and metals stocks – may be nearing capitulation. Now is a good time to lean against the wind.

Summary: Commodity prices have tumbled and some analysts say the bottom of the cycle is near. Lower oil prices are pushing dividend yields to levels rarely seen. There are multiple ways to play commodities, including stocks and ETFs.

Key take-out: The bull case for integrated companies is that they’re investing in long-lived projects that ultimately will yield paybacks, but some investors prefer well-run independents that have been more aggressive in cost reduction.

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