... 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.
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.
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