Is Occidental Petroleum Still a Buy Now that WTI's Down to $70 a Barrel?
Oxy's upstream profits will decline, but it's a safe investment.
Is Occidental Petroleum Still a Buy Now that WTI's Down to $70 a Barrel?
Overview
Occidental Petroleum (NYSE: OXY), the oil and gas giant more commonly known as Oxy, hit a 52-week high of $67.45 per share on March 31. That year-to-date gain of nearly 60% was largely driven by the Middle East conflict's impact on oil prices.
But as of this writing, Oxy's stock trades at about $50. It pulled back as WTI crude oil prices retreated from a four-year high of $112.25 per barrel in mid-May to around $70. Let's see why Oxy's stock is tightly tethered to crude oil prices -- and if it's still worth buying today.
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Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
