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
Currently there is a rather positive sentiment for Occidental Petroleum Corp. with 24 Buy predictions and 15 Sell predictions.
With a current price of 45.7 € Occidental Petroleum Corp. is right around the predicted target price of 46 €.
