Oil prices have trended lower over the past three weeks due to concerns over demand and the perception that geopolitical risks to crude supplies are ebbing.

This decline accelerated after OPEC+ announced plans to phase out output cuts starting in October. The central bank’s indication that aggressive rate cuts might be delayed due to slow disinflation also led to the decline.

As a result, several previously high-performing stocks have been caught up in this sell-off. However, now may be a good time to start eyeing rebounds in some of these companies, including Marathon Petroleum (MPC Quick QuoteMPC - Free Report) , Ovintiv Inc. (OVV Quick QuoteOVV - Free Report) and Delek US Holdings (DK Quick QuoteDK - Free Report) .

Marathon Petroleum: Marathon Petroleum is a leading independent refiner, transporter and marketer of petroleum products. The Zacks Rank #3 (Hold) company operates in two segments: Refining and Marketing, and Pipeline Transportation.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The stock has been in breakneck mode over the past 12 months, notching up a series of all-time highs. That said, MPC has now dipped -3% year to date and fallen more than 21% from its 52-week highs of $221.11 in early April.

Trading at a little under $175 per share and 9.05X forward price-to-earnings, Marathon Petroleum has a VGM Score of A. Over the past 30 days, this Findlay, OH-based-based refining giant saw the Zacks Consensus Estimate for 2024 move up 9.3%.

Moreover, Marathon Petroleum has exceeded the earnings mark in each of the past four quarters, delivering an average earnings surprise of 25% over that timeframe. As a matter of fact, MPC has established a long history of beating earnings estimates, with the last miss seen way back in the second quarter of 2019.

Ovintiv: Ovintiv is an independent E&P operator with an attractive oil and gas production portfolio in three major North American unconventional basins: Montney, Anadarko and the Permian.

OVV, carrying a Zacks Rank of 3, has ascended 31% in the past year but has dipped 13% from its 52-week high of $55.95 a share it hit in April. However, Ovintiv is still sitting on an 11% gain this year.

Ovintiv’s earnings revisions have trended in the right direction over the past 30 days as analysts have taken up their numbers. The Zacks Consensus Estimate for OVVs 2024 bottom line has gone up from a profit of $6.09 to a profit of $6.15 during this timeframe, while next year’s projection has gone up from a profit of $6.88 per share to $6.91.

Finally, Ovintiv enjoys a Value, Growth and Momentum Score of A, B and A, respectively, each helping it round out with a VGM Score of A.

Delek US Holdings: Founded in 2001, Brentwood, TN-based Delek US Holdings is an independent refiner, transporter and marketer of petroleum products. The #3 Ranked company’s operations are organized into three reportable segments: Refining, Logistics and Retail.

Delek has a similar scenario to Marathon Petroleum. Trading at around $25, DK has fallen 26% from its 52-week high of $33.60 in April. Still, the company has exceeded earnings expectations in three of its last four quarterly reports, missing just once, and has posted an average EPS surprise of 28.2% during this period.

Delek shares are not expensive on a valuation basis and investors need not pay a premium for the growth. As a matter of fact, the company’s stock currently trades at 0.13X forward P/S, which is at a significant discount to the Zacks industry average of 1.12X and well below the S&P 500’s 4.06X. A P/S ratio under 1.0 indicates value.

Another reason that Delek is a stock to watch out for is that it has a VGM Score of A for the combination of Value, Growth and Momentum.