Why Occidental Petroleum Stock Plunged 10% Today
Shares of Occidental Petroleum (NYSE: OXY) crashed today and were trading 10% lower as of 12:20 p.m. ET.
Ironically, Occidental Petroleum just revealed that it realized higher average prices for oil and gas in its first quarter versus the fourth quarter, which is good news for the company and its investors. Why did the stock then crash today? There are three things to keep in mind.
First, Occidental Petroleum's worldwide average realized price for crude oil was $71.07 per barrel in Q1 versus $69.73 per barrel in the fourth quarter. Even better, its average worldwide realized natural gas liquid prices jumped almost 19% sequentially, while its average realized domestic natural gas price surged nearly 92% to $2.42 per thousand cubic feet.
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..
