Occidental Petroleum: On Sale After 15% Pullback
By Bret Jensen:Occidental Petroleum (OXY) is down more than 15% in the last few months. The stock has been hit by concerns that have turned sentiment negative on the overall energy sector, low natural gas prices and in the last week by falling oil prices. It also missed its latest quarterly earnings estimates by three cents, even as it beat revenues by over $200mm. However, there were some positives in the earnings report and stock is now providing a great entry point for value investors.Key Earnings Report Highlights
- Production rose to a record 755,000 BOE/D
- Liquids production increased 35,000 BOE/D
- Operating cash flows increased $600 million to $2.8 billion in the quarter compared to the first quarter of 2011 as the company focused on oil & liquid production over natural gas.
- It also recently increased its dividend 17% to $2.16 a share.
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