oxy news today


... Occidental to Announce Third Quarter Results Monday, November 9, 2020; Hold Conference Call Tuesday, November 10, 2020
And until that stops, OXY stock could keep dropping even lower. Terms of Service apply.
2020 InvestorPlace Media, LLC. The company’s problems are numerous and its management team fails to inspire any confidence that they can fix the mess that it’s in. The transaction, which is expected to close in the fourth quarter of 2020, includes operations and working interests in the Llanos Norte, Middle Magdalena and Putumayo Basins. Occidental has announced over $2B of divestitures in 2020 that are expected to close by year-end and continues to advance additional asset sales. With oil firming up a bit recently, it appeared that Occidental might finally be able to turn the corner. It had already sold off enough assets that its financial situation appeared alright for the foreseeable future. Oxy is dedicated to treating every employee with respect and dignity and providing a safe, healthy and high-quality work environment. Occidental Petroleum (NYSE:OXY) stock is in freefall. The analyst, who favors companies with cash return business models, strong operational outlooks, and reasonable valuation, said those three join Chevron (CVX) and ExxonMobil (XOM) as "middle-of-the-pack conglomerates within our Major Oil Cocktail Valuation Scorecard." Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. quotes delayed at least 15 minutes, all others at least 20 minutes. Colombia’s oil assets are highly attractive long-life assets with costs far below what Occidental sees on its U.S.-produced oil. Occidental Petroleum Stock Investors See Things Go From Bad to Worse, CEO Vicki Hollub told an industry conference, 7 Unhealthy Biotech Stocks To Sell Before They Sicken Your Portfolio, Louis Navellier and the InvestorPlace Research Staff, 5 Value Stocks To Buy Now Beating The S&P 500 In 2020, Trump vs. Biden: Stocks to Buy No Matter Who Wins the White House, 7 Monster Growth Stocks With Double-Digit Upside, 7 Dividend Stocks To Buy For Big Returns In Your Bank Account, The Top 10 Tech Stocks to Buy Before the 2020 Election, 4 Top Stock Trades for Monday: TWLO, SNAP, SPAQ, GILD. To see The Fly's full Street Research coverage, click here.

Occidental Petroleum (NYSE:OXY) stock is in freefall. The analyst, who continues to see more value in high-quality E&Ps than in Integrated Oils, thinks Concho Resources (CXO), Devon Energy (DVN) and Pioneer Natural (PXD) offer more upside in a recovery as well as more resilient downside protection, Cheng tells investors. The analyst expects the company's Q3 guidance to fall short of its prior forecasts and the Street estimates due to "GoM shut-ins and limited U.S. onshore activity", the analyst tells investors in a research note.

This list is just a portion of The Fly's full analyst coverage. But then, CEO Hollub shocked shareholders with another inexplicable decision. Leadership promised at least $2 billion in asset sales in 2020 to help make a dent in the company’s liabilities. Ian Bezek has written more than 1,000 articles for InvestorPlace.com and Seeking Alpha. Occidental had been involved in Colombia since the 1980s and has been a key partner with state oil company Ecopetrol (NYSE:EC) for ages. On the date of publication, Ian Bezek did not have (either directly or indirectly) any positions in the securities mentioned in this article. Shares initially popped nicely and it looked like OXY stock’s long-running nightmare was ending. The analyst notes that the potential upside following a 40% stock price since June warrants an upgrade, though his lower price target is driven by the higher interest burden associated with refinancing about $4.1B of near-term debt to improve the company's financial liquidity. He also worked as a Junior Analyst for Kerrisdale Capital, a $300 million New York City-based hedge fund. Perhaps management could get back to improving efficiency on its existing operations. Occidental’s decision to abandon Colombia and receive only pocket change in return is a devastating development. In September, Occidental stock rallied for a moment. Find the latest news headlines from Occidental Petroleum Corporation Common Stock (OXY) at Nasdaq.com. Since then, there’s been hardly any signs of life. 1125 N. Charles St, Baltimore, MD 21201. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. © Copyright 2020 Morningstar, Inc. All rights reserved. Copyright © 2020 InvestorPlace Media, LLC. Nasdaq That day, CEO Vicki Hollub told an industry conference that “America’s oil production will never again reach the record 13 million barrels a day set earlier this year, just before the pandemic devastated global demand,” Bloomberg reported.

08/19/20 Occidental to divest WY, CO, UT land grant assets to Orion for about $1.33B 08/14/20 Icahn exits stakes in HP, Hertz, Freeport-McMoRan Shares have lost the majority of their remaining value and now trade for less than $10 a pop. Terms of Use Privacy Policy Disclosures Member User Agreement Corrections Cookies, Energy stocks take a dive as crude oil prices fall to 3-week low, Covid-19 Continues to Boost and Bust S&P 500 Companies, ConocoPhillips to Buy Shale Rival Concho for $9.7 Billion — 3rd Update, ConocoPhillips to Buy Shale Rival Concho for $9.7 Billion — 2nd Update, Buy the worst? 5. What had been trend lines in sync, specifically the United States Oil Fund, LP (NYSEARCA:USO), shifted around Oct. 14. Hexcel (HXL) downgraded to Market Perform from Outperform at BMO Capital with analyst John McNulty saying the severity of the aerospace downturn and "evisceration" of the wind business will result in a deeper decline and slower recovery of Hexcel's earnings. Every time you think Occidental might finally have reached rock bottom, it finds some way to dig even deeper. Assuming $1.7B in CAPEX and NYMEX oil price at $39 per barrel, Occidental should generate about $2.6B in free cash flows, Gerdes tells investors in a research note. Copyright ©

Truist analyst Neal Dingmann downgraded Occidental Petroleum to Hold from Buy with a price target of $11, down from $25. Dingmann adds that while Occidental reached its 2020 goal of $2B in asset sales, but its current and "likely continued" challenging market will make further material sales "difficult". However, in September, I gave Occidental a chance.

With shares down to $10, I argued that they finally looked cheap enough to be worth the risk. The most recent asset sale made it clear that Occidental’s management team still hasn’t learned from its previous mistakes. It’s especially disappointing because in September, it seemed like OXY stock might finally be ready to make a comeback. Oil started a slow ascent while OXY stock went the other way. However, management quickly snuffed that optimism out with another shockingly bad asset sale, as it sold off one of its best oil fields to private equity for an incredibly low price. Otherwise, stay far away. US Capital Advisors analyst James Carreker initiated coverage of Western Midstream (WES) with a Hold rating and $12 price target. A year ago, shares traded for as much as $50. Still, given Occidental’s massive debtload, there admittedly are not a lot of good choices here. Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Occidental (OXY) announced it has signed an agreement to sell its onshore assets in Colombia to The Carlyle Group (CG) for total consideration of approximately $825M, with $700M up front and the remainder payable subject to certain production and commodity price targets. Throughout 2020, I’ve urged readers to avoid OXY stock. But no, by dumping its decades-long position in Colombia, Occidental signaled to the market that there’s no end in sight to the company’s downward spiral. Privacy Policy and This means that the upside for OXY stock is fading by the month. Think about that. Article printed from InvestorPlace Media, https://investorplace.com/2020/10/for-oxy-stock-things-go-from-bad-to-worse/. There are much better quality energy companies out there to buy for a sustained recovery in oil and gas. As a result, according to Credit Suisse estimates, these Colombian fields were generating $250 million a year in cash flow for Occidental, even at current low oil prices. From the regrettable Anadarko merger on, Occidental’s CEO has proven to be a poor decision-maker.

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