Energy Sector Leads with OXY Up 7.51% YTD
Written by Emily J. Thompson, Senior Investment Analyst
Source: NASDAQ.COM
- Energy Sector Performance: As of midday Friday, the Energy sector is up 0.8%, with Occidental Petroleum (OXY) and Halliburton (HAL) gaining 2.5% and 2.3% respectively, indicating strong sector performance and reinforcing its market position.
- ETF Highlights: The Energy Select Sector SPDR ETF (XLE), which tracks the sector, is up 0.8% on the day and 10.32% year-to-date, reflecting sustained investor confidence in the energy industry, potentially attracting more capital inflows.
- Materials Sector Recovery: The Materials sector is up 0.2%, with CF Industries (CF) and International Paper (IP) showing gains of 3.7% and 2.7%, respectively, indicating signs of recovery in the materials industry that could present new growth opportunities for related companies.
- ETF Tracking Materials Stocks: The Materials Select Sector SPDR ETF (XLB) is up 0.4% on the day and 9.63% year-to-date, suggesting increased market interest in materials stocks, which may drive investment and development for related firms.
Analyst Views on OXY
Wall Street analysts forecast OXY stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for OXY is 47.27 USD with a low forecast of 38.00 USD and a high forecast of 64.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
16 Analyst Rating
4 Buy
9 Hold
3 Sell
Hold
Current: 44.550
Low
38.00
Averages
47.27
High
64.00
Current: 44.550
Low
38.00
Averages
47.27
High
64.00
About OXY
Occidental Petroleum Corporation is an international energy company with assets primarily in the United States, the Middle East and North Africa. The Company is an oil and gas producer in the United States, including a producer in the Permian and DJ basins, and the offshore Gulf of Mexico. It operates through three segments: oil and gas, chemical and midstream and marketing. The oil and gas segment explores for, develops, and produces oil (which includes condensate), natural gas liquids (NGL) and natural gas. The chemical segment primarily manufactures and markets basic chemicals and vinyls. The midstream and marketing segment purchases, markets, gathers, processes, transports, and stores oil (which includes condensate), NGL, natural gas, carbon dioxide (CO2) and power. The midstream and marketing segment provides flow assurance and maximizes the value of its oil and gas. It also optimizes its transportation and storage capacity and invests in entities that conduct similar activities.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
