Is Occidental Petroleum Stock a Buy Now?
Occidental Petroleum (NYSE: OXY) has slumped over the past year. Shares of the oil giant are down more than 20%. That's largely due to weakening oil prices. Wes Texas Intermediate (WTI), the primary U.S. oil price benchmark, has fallen more than 15% to just under $70 per barrel.
While oil prices have an effect on Occidental's cash flows, it has several catalysts unrelated to oil that could boost shareholder value in the future. Here's a look at whether they make the oil stock a buy right now.
Occidental Petroleum made a needle-moving acquisition last year, closing its $12 billion purchase of CrownRock. The deal added high-margin oil and gas production and enhanced its inventory of drilling locations with low breakeven levels. The company estimates that the highly accretive deal will boost its free cash flow by $1 billion in its first year of ownership based on WTI's averaging $70 a barrel.
Source Fool.com
Occidental Petroleum Corp. Stock
Our community is currently high on Occidental Petroleum Corp. with 16 Buy predictions and 7 Sell predictions.
As a result the target price of 47 € shows a positive potential of 34.36% compared to the current price of 34.98 € for Occidental Petroleum Corp..
