Briefly –
- Occidental Petroleum lost 12.82%, closing the previous week at $55.
- Investors have been watching the stock since February.
- Interested traders can consider OXY as it contemplates new highs.
Occidental Petroleum Corporation traded at $55 at this publication. It is under the NYSE: OXY ticker. Meanwhile, the stock plummeted to its current level after confirming bear markets last week. Meanwhile, the stock’s first move to $55 came after Berkshire Hathaway purchased the company’s share. This analyst assumes OXY won’t fall further.
Most investors have been watching Occidental Petroleum. Moreover, Berkshire Hathaway purchased stock in the company. The announcement propelled the price to $56 from $38. It has secured support around this territory since then. Moreover, the foothold helped it test the $74 highs three weeks ago. However, bear market concerns translated to declines.
We believe the stock presented a new opportunity for investors. Though bears dominated the market, the share is unlikely to plunge under its current levels. That makes it a lucrative investment for buyers eyeing long-term goals.
OXY to Propel from $55 to Retest $74 High
Occidental Petroleum saw declines for the 3rd successive week, closing at $55. Analysts believe the stock will launch consolidation at current levels this week before exploring new highs. However, that presumes OXY will secure reliable support near $55. The initial price target stands at $60. More upside will see OXY targeting new highs beyond $75.
Conclusion
Occidental Corporation remains an impressive buy around the $55 mark. Analysts consider this a bottom, and OXY will prevent declines beneath $55. The stock will likely climb towards $60 before targeting $75.
Societe Generale analysts assigned an $81 price target for Occidental Petroleum. It suggests a possible 45.47% upsurge from the current level. Several equities analysts also presented reports on the firm.
Wells Fargo and Company’s May 12 report increase the OXY’s target to $58 from $51. Susquehanna Bancshares upped Occidental Petroleum’s price objective from $71 to $73 on May 12. Also, Capital 1 Financial increased OXY’s price target to $85 on May 19. The oil markets await new ATHs, and the best time to join could be now.
Editorial credit: T. Schneider / shutterstock.com
