Why Occidental Petroleum Fell Today
Shares of U.S.-based oil producer Occidental Petroleum (NYSE: OXY) were falling on Tuesday, down 4.9% as of 1:00 p.m. EDT.
Occidental is largely a U.S.-based oil and gas producer, with deep, low-cost inventory in the Permian Basin in West Texas, among other U.S. locations. The company also has a fair amount of debt on its balance sheet -- the result of two major acquisitions over the past seven years.
As such, Occidental's stock is highly sensitive to oil prices and was an outsize beneficiary of the Strait of Hormuz closure, since some of its Middle East competitors have been cut off from global markets.
Source Fool.com
Occidental Petroleum Corp. Stock
€46.96
-4.660%
Our community is currently high on Occidental Petroleum Corp. with 25 Buy predictions and 15 Sell predictions.
However, we have a potential of -2.04% for Occidental Petroleum Corp. as the target price of 46 € is below the current price of 46.96 €.
