Why Occidental Petroleum, Devon Energy, and Phillips 66 Plunged Today
Shares of Occidental Petroleum (NYSE: OXY), Devon Energy (NYSE: DVN), and Phillips 66 (NYSE: PSX) fell hard on Wednesday, down 4.3%, 6.1%, and 4.6%, respectively.
Although oil prices were trading higher in the morning, they fell by the late afternoon, down around 2% as of this writing. It appears today was a day of recession fears, as first-quarter U.S. GDP figures were revised downward, and Fed Chair Jay Powell reiterated his hawkish posture at a conference in Europe.
Cyclical stocks such as energy names tend to do badly in a recession, but have fears gone too far? Warren Buffett appears to think so.
Source Fool.com
