1125 N. Charles St, Baltimore, MD 21201. That acquisition, however, continues to wreak havoc on Occidental's balance sheet. But even if that was not the case, Occidental is too busy hoping the price of oil will stay high enough so it can sell some assets. Purdue University is requiring students to have a negative test for the virus before they come on campus. Occidental Petroleum (NYSE: OXY) continues to follow the basic track of other oil stocks.In early June, I could understand investors taking a flyer on OXY stock. He graduated from Liberty University with a degree in Biblical Studies and a Masters of Business Administration. Market data powered by FactSet and Web Financial Group.
However, if after all that you feel that I’m being too pessimistic in my outlook, there are other reasons to be concerned about OXY stock. 1125 N. Charles St, Baltimore, MD 21201. Article printed from InvestorPlace Media, https://investorplace.com/2020/07/stop-speculating-on-oxy-stock/. Returns as of 10/26/2020. The company is looking at alternative options to address the situation, which could include exchanging debt, or extending its maturities so that it can stay afloat.
It’s time to end the speculation and simply move on from OXY stock. Weighing on the oil company were its weak first-quarter results and its … Stock Advisor launched in February of 2002. So with oil in the low-$40 range, it may seem like a great time to buy OXY stock. Live sports may or may not be able to get going, but there won’t be any fans in the stands to make those games a destination. Theme parks? Cruise lines won’t be sailing until late fall.
There’s simply too much uncertainty.
Copyright © 2020 InvestorPlace Media, LLC. All rights reserved. See you at the top! Plus, oil stocks tend to move in rough tandem with their underlying commodity. It says to Navin that investors are sensing that oil prices are going to undergo a correction. It’s Time to Give Up on Occidental Petroleum, discrepancy in price movement between oil and oil stocks, announced that classes will be entirely virtual for the fall semester, discourage investors from falling for that trick, 7 Unhealthy Biotech Stocks To Sell Before They Sicken Your Portfolio, Louis Navellier and the InvestorPlace Research Staff, 5 Value Stocks To Buy Now Beating The S&P 500 In 2020, Trump vs. Biden: Stocks to Buy No Matter Who Wins the White House, 7 Monster Growth Stocks With Double-Digit Upside, 7 Dividend Stocks To Buy For Big Returns In Your Bank Account, The Top 10 Tech Stocks to Buy Before the 2020 Election, 4 Top Stock Trades for Monday: TWLO, SNAP, SPAQ, GILD.
So again I ask you, where’s the demand?
I know that at some point, oil will rally. Green shoots in the airline industry have been mowed over by states pausing or reversing reopening plans.
The great American road trip also looks to be taking a vacation this year.
After all, initial concerns about the company’s liquidity appear to be unfounded. In addition to the daily novel coronavirus case count, the United States is at the beginning of the end of President Donald Trump’s four-year term. To be as clear as I can, Hollub has said that paying down the debt from the company’s $40 billion Anadarko deal will be the company’s main priority. 2020 InvestorPlace Media, LLC.
Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. It’s becoming almost too easy to sleuth things like this out. If oil is going up, but oil stocks are not, what does that say? Back in March, I wrote about the perilous state of OXY stock. Copyright © Closed. Many individuals are still working from home. There simply is no there, there. Shares of Occidental Petroleum(NYSE:OXY) tumbled more than 10% by 3 p.m. EDT on Wednesday. Sure enough, I see Occidental on the list of the top 100 stocks on Robinhood.
But if you must invest in oil stocks, there are far better options in the oil patch.
However, in June, I did my best to discourage investors from falling for that trick. Not only did crashing crude oil prices in the period impact its earnings, but the company also had to write off the value of roughly $2 billion of assets due to lower pricing. Matthew is a senior energy and materials specialist with The Motley Fool. All rights reserved. But I think it’s important not to buy a false narrative on oil demand. There sure looks like a lot less driving this fall.
And that’s why it’s time for investors to get serious about the real opportunity that exists with OXY stock. The company also plans to cut operating and overhead expenses by another $1.2 billion this year, which is on top of the $1.1 billion reduction it has delivered as part of its merger with Anadarko Petroleum. As of this writing, Chris Markoch did not hold a position in any of the aforementioned securities. The concern is that the moves it will have to make might further handcuff the company, which could put even more pressure on the stock price. I agree with that analysis. Even with alternative energy becoming economically viable, the world will still need fossil fuels for some time. Occidental Petroleum (NYSE:OXY) continues to follow the basic track of other oil stocks. That means a presidential election is upon us in November. And let’s spin this forward.
Specifically oil stocks started to decline even as the price of oil continued to go up.
Its chief financial officer warned on the accompanying conference call that Occidental wouldn't be able to address its debt issues with asset sales alone, given the problems it has had with closing deals and the impact lower prices are having on asset values. With its asset-sale plan falling short, the company needs to get creative to shore up its financial profile. With the price of oil climbing, I sounded an alarm from the company’s CEO herself. Shares of Occidental Petroleum tumbled more than 10% by 3 p.m. EDT on Wednesday.
John Navin wrote an article for Forbes that noted the discrepancy in price movement between oil and oil stocks.
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