78.30 +0.28 (0.36%)
After hours: 7:41PM EDT
|Bid||0.00 x 800|
|Ask||0.00 x 2200|
|Day's Range||77.38 - 78.87|
|52 Week Range||58.44 - 87.67|
|PE Ratio (TTM)||31.59|
|Earnings Date||Oct 30, 2018 - Nov 5, 2018|
|Forward Dividend & Yield||3.12 (3.84%)|
|1y Target Est||96.91|
The WTI Cushing–WTI Midland spread, a key indicator for Permian producers and pipeline MLPs, narrowed last week, to ~$12 from $18 per barrel the week prior. However, it is still wider than this year’s average spread of $6.20 per barrel.
US E&P (exploration and production) stocks, particularly oil-weighted stocks, were sluggish last week (ended August 10) due to crude oil prices falling sharply mid-week. Although crude oil recovered slightly on Friday, it fell 1.3% last week to close at $67.60 per barrel. Trade tensions, expectations of lower demand, and strength in the US dollar weighed on crude oil prices, while sanctions on Iranian oil supported them.
This could indicate that investors who seek to profit from falling equity prices are not currently targeting OXY. OXY credit default swap spreads are within the middle of their range for the last three years.
On August 9, US crude oil’s implied volatility was 23.1%, which was ~1.3% below its 15-day average. The inverse relationship between oil prices and oil’s implied volatility is illustrated in the graph below.
Investing.com - Energy stocks struggled in midday trading, with Apache (NYSE:APA) a notable loser after it announced it would put its West Texas pipeline assets into a joint venture.
The Add-On Deal Roundup: Aug. 9 Publicly traded Occidental Petroleum Corp. agreed to sell two assets to companies backed by EnCap Flatrock Midstream. Moda Midstream LLC, a liquids terminaling and logistics company backed by EnCap Flatrock, agreed to buy the Oxy Ingleside Energy Center, a crude oil storage and expert terminal in the port of Corpus Christi in Ingleside, Texas.
Apache and Occidental Petroleum snagged premium prices for their midstream assets in the red-hot shale oil region.
Apache's (APA) deal to spin off its Permian pipeline holdings into a new publicly traded company is likely to close by the end of the year.
Turkey's troubles continue to plague markets. Yahoo Finance's Seana Smith, Dion Rabouin and The King's College Brian Brenberg discuss the latest with Bob Iaccino, Chief Market Strategist, Path Trading Partners.
Todd Horwitz, Bubba Trading Founder and Chief Strategist says 'bears' are in control of the gold market and calls the oil rally ridiculous. Yahoo Finance's Seana Smith, Andy Serwer and Benchmark CEO, Kevin Kelly press Horwitz on his views.