Why Occidental Petroleum Significantly Underperformed the S&P 500 in 2023
Shares of Occidental Petroleum (NYSE: OXY) slumped 5.2% in 2023, according to data provided by S&P Global Market Intelligence. That wouldn't have been such a bad decline if the S 500 hadn't been up 24.3% for the year.
The main factor weighing on the oil stock was crude prices. Last year would have likely been much better for Occidental's investors if it hadn't been for lower oil prices.
Crude prices took a breather last year, slumping more than 10%. That marked oil's first decline since 2020.
Source Fool.com
Occidental Petroleum Corp. Stock
€60.06
-3.080%
The stock is one of the favorites of our community with 21 Buy predictions and 2 Sell predictions.
As a result the target price of 70 € shows a slightly positive potential of 16.55% compared to the current price of 60.06 € for Occidental Petroleum Corp..
