Why I Sold This Oil Stock, Even Though Crude Prices Are Rising
I'll be honest: I probably should have sold this stock the minute Saudi Arabia and Russia announced they were both going to boost oil production in April, which sent oil prices (and oil stocks) spiraling downward on March 9. When Occidental Petroleum announced an 86% dividend cut on March 10, the writing was really on the wall.
But I hung onto my shares of independent oil and gas exploration and production company (E&P) Apache Corporation (NYSE: APA) anyway, and on March 12, I got burned after the company slashed its dividend by 90%.
In the months since, I went back and forth on whether to sell or not. Here's why I finally pulled the trigger.
Source Fool.com
