#2 - Occidental Petroleum (NYSE:OXY)
Due to interest rates staying higher for longer in 2024, oil prices haven’t followed the script that was expected in January. That’s why oil stocks like Occidental Petroleum Corp. (NYSE: OXY) are underperforming the market. In fact, OXY stock is down 16.9% in 2024.
Oil bulls will point to Warren Buffett and Berkshire Hathaway (NYSE: BRK.B), which has increased its stake in OXY stock to 29%. However, a significant driver of that growth comes from Occidental’s commitment to carbon capture, particularly in the Permian Basin. Skeptics will point out that there are better options when it comes to international exposure and scalability. However, Occidental believes that at some point in the future, it will generate as much revenue from carbon capture and storage (CCS) as it does from oil and gas production.
The Occidental Petroleum analyst forecasts on MarketBeat have a consensus Hold rating on OXY stock. However, they give the stock a consensus price target of $65.72, which is a gain of 30.9% from its current price.
About Occidental Petroleum
Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.
Read More - Current Price
- $50.56
- Consensus Rating
- Hold
- Ratings Breakdown
- 6 Buy Ratings, 11 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $65.72 (30.0% Upside)
