Is Occidental Petroleum Stock a Buy?
To say 2020 has been a challenging year for Occidental Petroleum (NYSE: OXY) would be an understatement. Shares of the oil giant have plummeted 60% on the year because of the impact the oil market downturn has had on its operations and balance sheet. Market conditions have gotten so bad that some have wondered whether the company might end up going bankrupt before the year is over.
Those fears have faded in recent months as oil prices recovered, and Occidental took steps to shore up its financial situation. If those trends continue, shares could have more upside ahead, which is leading bargain-hunting investors to wonder if the stock is now worth buying. Here's a look at the case for and against buying Occidental Petroleum right now.
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