Is Occidental Petroleum Stock a Buy?
Shares of Occidental Petroleum (NYSE: OXY) have plummeted more than 66% this year. The main factor driving that sell-off has been cratering crude oil prices as a result of the COVID-19 outbreak's impact on demand and a short-lived price war between Russia and Saudi Arabia. That slump put a tremendous amount on pressure on Occidental's balance sheet, which has been weighed down by the mountain of debt used to acquire Anadarko Petroleum.
The steep sell-off in Occidental Petroleum's stock, however, might have some investors wondering if it's now a deep value buy. Here's the case for and against buying shares of this oil giant.
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Source Fool.com
