Why Occidental Petroleum, Devon Energy, and Core Laboratories Plunged Today
Shares of Occidental Petroleum (NYSE: OXY), Devon Energy (NYSE: DVN), and Core Laboratories (NYSE: CLB) fell hard on Tuesday, plunging 4.2%, 7.1%, and 8.1%, respectively, as of 2:38 p.m. ET.
There wasn't any company-specific news out of these three companies today, other than the fact that legendary investor Warren Buffett continues to buy Occidental, according to a filing released over the weekend. Additionally, Devon Energy saw its price target lowered today by a Wall Street analyst, though that analyst kept the same neutral rating on the stock.
Buffett's optimism for Occidental specifically and oil prices generally flies in the face of the price action today. The energy sector had been a relative winner year to date, but oil prices plunged on Tuesday following the July Fourth weekend.
Source Fool.com
