This Stock Market Sector Could Dominate In 2024. Here's Why.
The energy sector is down 8.2% so far this year, driven by declines in oil prices and a cooldown from a red-hot 2022. However, the sector can still do very well even at current prices. In fact, many companies are banking on oil staying where it is or suffering only a minor decline. Here's why the energy sector is set up nicely for 2024 and why it could be worth investing in now.
The last few months have featured a flurry of mergers and acquisitions on the upstream side of the energy sector. In October, ExxonMobil (NYSE: XOM) announced an all-stock merger with Permian Basin producer Pioneer Natural Resources for $59.5 billion. Later that month, Chevron (NYSE: CVX) announced a merger with Hess for $53 billion, gaining access to the oil reserves offshore Guyana among other global plays. And earlier this month, Occidental Petroleum (NYSE: OXY) announced a $12 billion acquisition of privately held Permian producer CrownRock.
Source Fool.com
Occidental Petroleum Corp. Stock
With 14 Buy predictions and only 1 Sell predictions the community sentiment for the stock is positive.
With a target price of 69 € there is a positive potential of 33.85% for Occidental Petroleum Corp. compared to the current price of 51.55 €.