Occidental Petroleum (NYSE:OXY) stock is down 16% in the past month and even over 75% in the year-to-date. OXY stock is wavering at 70% of its estimated $14.05 common stock tangible book value per share (TBVPS).
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It’s likely that OXY stock will drift further down if oil does not rebound and if its TBVPS deteriorates. But in the near to long term, I believe that OXY stock will move higher as economic mobility increases.
In addition, as Covid-19 vaccines start to slow down the spread of the pandemic in 2021, the price of oil should rise. This will slowly push up OXY stock
Essentially, then, now is a good time to accumulate the