Occidental Petroleum $OXY Stock Bullish Option Flow Detected

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Bullish option flow was detected in OXY stock on December 21, 2021.

Bullish Option Flow OXY Stock

Oxy Option Flow

Make sure to review this lesson on option flow so that you understand the image above.

Western Midstream repurchases 2.5M units from Occidental for $50.2M

On December 13, 2021, Western Midstream Partners (WES) said that it repurchased 2.5M WES common units from Occidental (OXY) for aggregate consideration of $50.2M, as part of WES’s previously announced $250M common unit repurchase program. The repurchase of the common units was reviewed and approved by the Partnership’s Special Committee, which includes only independent members of the board of directors of WES’s general partner. The Special Committee was advised by Hunton Andrews Kurth LLP as legal counsel.

JPMorgan upgrades Occidental to Neutral, sees increased dividend

On December 9, 2021, JPMorgan analyst Phil Gresh upgraded Occidental Petroleum to Neutral from Underweight with a price target of $39, up from $37. The company has shown “solid execution” throughout the COVID-19 downturn, managing a “fairly stable” production profile at minimal levels of CAPEX, Gresh tells investors in a research note. With net debt set to hit its $25B interim leverage target in early 2022, Occidental is positioned to return a modest amount of incremental capital back to shareholders, which is likely to be in the form of an increased common dividend, says the analyst. Gresh believes the stock’s recent underperformance suggests a valuation “closer to fair.”

📺 VIDEO OXY | Diving Deeper Into Q3 2021

On November 7, 2021, BesterInvestor gave his opinion on OXY Q3 results.

📈 OXY Stock Technical Analysis

Oxy Stock

The long-term trend is neutral, but the short-term trend is negative. OXY is part of the Oil, Gas & Consumable Fuels industry. There are 402 other stocks in this industry, OXY did better than 57% of them. OXY is currently trading in the middle of its 52-week range. The S&P500 Index however is trading in the upper part of its 52-week range, so OXY is lagging the market slightly. There is a resistance zone ranging from 29.28 to 29.80. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames. The technical rating of OXY is bad and it also does not present a quality setup at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when OXY stock is a good buy.

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