OXY stock: buy or sell
Updated on:
Apr 16th, 2021
1
OXY stock brief
- Occidental Petroleum stock collapsed -2.70% to close at $24.86 on the stock market on Thursday.
- The stock is configuring an uptrend pattern since October 2020, when it bottomed at $8.52. This rally marked a 191.78% gain
- Scotiabank published a hold rating for Occidental Petroleum on Thursday, with a target of $28.00
Should I buy Occidental Petroleum stock?
All successful traders recommend adhering to a trading strategy and not make decisions based on subjective opinions, rumors or feelings. Trading strategies are meant for helping you in the decision process of what stocks to pick and when is the best moment to buy them. At Stocks2.com, we like to use very simple but trusted and powerful trend following trading strategies. Simple things usually work the best
Is $OXY stock a buy?
Currently, Occidental Petroleum stock matches one trading strategy:
Uptrend buy setup
Occidental Petroleum stock continues to trend higher since in October 2020 and marked a gorgeous 191.78% gain. Price marked a local bottom in this uptrend at $23.92 last Tuesday, and since then it bounced off a 3.93%. Now, it's just 30.81% away from breaking out over its last top and resume the uptrend. The new buy point is therefore at $32.52. If you decide to enter this trade, the suggested stop loss is at $29.27
| Buy setup | Buy point | Stop loss | Risk |
| Uptrend buy setup | $32.52 | $29.27 | 10.00% |
Should I sell Occidental Petroleum stock?
"To sell or not to sell", if you are holding Occidental Petroleum stock?. Trading strategies help us to avoid impetuous decisions based on our personal feelings or the buzz that surrounds the market. We like very simple strategies to guide us on when is the best time to sell our shares. Be aware that these strategies are not intended for selling short $OXY stock
A guiding principle is that you should never mantain a trade that yields greater losses than those expected upon the buy. When to sell shares always has to be dictated by the stop-loss (automatic or manual)
Is it time to sell Occidental Petroleum stock?
In the current situation of Occidental Petroleum there is not any eligible sell setup, so Occidental Petroleum stock holders with operations in green can keep their positions
Occidental Petroleum ratings
In the last month, 6 analyst ratings were published for Occidental Petroleum
| Brokerage firm | Rating |
|---|---|
| Mar 17th, 2021 | |
| Morgan Stanley | |
| Wolfe Research | |
| Apr 1st, 2021 | |
| Piper Sandler | Neutral |
| Apr 12th, 2021 | |
| Wolfe Research | |
| Apr 14th, 2021 | |
| MKM Partners | Neutral → |
| Apr 15th, 2021 | |
| Scotiabank | |
Occidental Petroleum stock analysis
Since in October 2020, Occidental Petroleum has been drawing an uptrend that by now marked an amazing 191.78%. The price action shows higher highs and higher lows, and along the way provided some buy points for those who wanted to invest. Latest pullback was last Tuesday, when price bounced at $23.92. Like in all uptrends, price needs to rest and now price is consolidating the gains in a range between $32.52 and $23.92
SMAs overview
Supports and resistances
The current resistance levels are:
The current support levels are:
Bollinger bands
Since the price broke down the lower band last Monday, the price has bounced up by 3.84%
Relative strength index
The RSI dropped below the overbought level of 70 in early March after just crossing to the overbough zone for 1 day (weak signal). The RSI reading on Thursday was 43.45. Occidental Petroleum shares sank a 20.40% since that level was lost
Occidental Petroleum stock price history
Occidental Petroleum went public priced at an adjusted price1 of $1.73 on Dec 1981. Since then, OXY stock surged by 1,336.99%, with an average of 34.28% per year. If you had invested $1,000USD in Occidental Petroleum stock on Dec 1981, it would have a value of $14,369.94 today.
1: Adjusted price after possible price splits or reverse-splits
Price target for Occidental Petroleum stock
Nobody can predict how much a stock will be priced in the future. Banks and financial organisations issue their analysis predicting how a particular stock will performance in the future.
The following table shows the price predictions released by analysts in the last 30 days. Again, these estimates are not direct recommendations for individual traders and must not be trusted blindly.
The average price target for Occidental Petroleum stock calculated from the table below is $28.50. That is a 14.64% than the current price ($24.86).
| Brokerage firm | Price target |
|---|---|
| Mar 17th, 2021 | |
| Morgan Stanley | $18.00 → $31.00 |
| Wolfe Research | $16.00 → $30.00 |
| Apr 1st, 2021 | |
| Piper Sandler | $21.00 → $30.00 |
| Apr 12th, 2021 | |
| Wolfe Research | $20.00 |
| Apr 14th, 2021 | |
| MKM Partners | $32.00 |
| Apr 15th, 2021 | |
| Scotiabank | $26.00 → $28.00 |
Earnings and financials
Last February, Occidental Petroleum ($OXY) hosted the financial call and posted the report. OXY underperformed consensus earnings estimates and presented of $-0.78, that is a -32.20% less than the initial forecasts of $-0.59. Similarly, reported sales were $3.3 billion compared to estimates of $4.4 billion.
This compares to Earnings of $-0.30 per share same quarter last year, so reported EPS means a loss of -160.00%. Looking at sales, figures dropped a -33.78% compared to $62.8B same quarter 12 months ago.OXY ($OXY) posts Q1 financial report early next May. Market predicts of $-0.34, compared to Q4 that was $-0.78.
Occidental Petroleum performance
| Company | 1m | 3m | 6m |
|---|---|---|---|
| Occidental Petroleum ($OXY) | -11.30% | 8.80% | 136.50% |
Important:
The viewpoints published in this article are personal and not recommendations for you to buy or sell stocks. The author of this document does not have an understanding of the individual situations of the reader, his or her own finances or his or her own best interests at any given time. All users should speak with their financial advisor before buying or selling any securities Opinions are provided for general educational motives onlyOXY summary
| Thursday, April 15th, 2021 | |
|---|---|
| Open | $25.34 |
| Close | $24.86 |
| Day range | $24.68 - $25.35 |
| Previous close | $25.55 |
| Session gain | -2.70% |
| Average true range | $1.24 |
| 50d mov avg | $26.73 |
| 100d mov avg | $22.85 |
| 200d mov avg | $17.84 |
| Earnings date | May 4th, 2021 |