OPC trade ideas
OXY Buy Time? Occidental Petroleum Corporation (“Occidental”) (NYSE: OXY) today announced that, in connection with its offers to purchase for cash (collectively, the “Tender Offers” and each a “Tender Offer”) the outstanding senior notes listed in the table below and Consent Solicitations (as defined below), it is increasing the maximum aggregate purchase price of Notes (as defined below) it will accept for purchase, excluding accrued but unpaid interest (as amended herein, the “Maximum Aggregate Purchase Price”), from the previously announced amount of $1,500 million to $2,000 million. Additionally, Occidental announced that it had conditioned its obligation to accept for purchase and to pay for any of the Notes in the Tender Offers on the completion by Occidental of a registered offering (the “Concurrent Offering”) of senior unsecured debt securities that results in net proceeds of at least $1,950 million, an increase from the previously announced condition that required such Concurrent Offering to result in net proceeds of at least $1,475 million, on terms and subject to conditions reasonably satisfactory to Occidental (as amended herein, the “Financing Condition”).
The Tender Offers are being made upon the terms and conditions described in Occidental’s Offer to Purchase and Consent Solicitation Statement, dated June 25, 2020 (the “Offer to Purchase”), as amended by this press release.
Occidental Petroleum Technical AnalysisThe idea is to go long, but wait the end of the price setback before going long.
Occidental Petroleum — Occidental shares climbed more than 4% after a SunTrust analyst upgraded the energy company to “buy” from “hold.” The analyst also raised his price target on the stock to $25 per share from $13 a share, implying a 12-month upside of 27% from Thursday’s close. “We believe Occidental is in position to continue improving its balance sheet through internal and external means,” the analyst said.
Occidental Petroleum Corporation $OXYgetting above $19.19 is a good sign for the stock. It is a support now and the target price will be $26.27 to fill the gap.
12 months Consensus Price Target: $23.43
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OXY - buy stock or long swing callsI bought the stock around $12 and sold around $23. Now I bought Nov 2020, 30 strike. Another option is Aug 2020, 25 strike. See monthly and weekly charts. I will keep or exit position using daily and weekly chart. I have a small position so if stock cannot hold 15-16 price, my real loss will be small.
