Home 2020 2 Hammered Energy Stocks Climbing Back, But Not Quite Ready to Buy

2 Hammered Energy Stocks Climbing Back, But Not Quite Ready to Buy



This year, investors in Oil & Gas saw deep dives in share prices that were wilder than wild if not prepared.

When Crude Oil goes from 67 to 10 bbl in a few months, there is serious pain that the best run companies found hard navigate without some damage.

EOG Resources (NYSE:EOG) was one of the most opportunistic large exploration and production companies, it flexed all operations and finances with a conservative operational program. EOG now has a huge build of drilled but uncompleted wells to go along with its material guided shut-in volumes.

Occidental Petroleum Corp. (NYSE:OXY) was the poster boy for companies with stock prices hammered down almost daily. Its $38-B acquisition of Anadarko was a poorly timed major acquisition in the Oil Patch ahead of it rapit fall, the combined Occidental and Anadarko’s entire market cap is just $18-B.

Occidental Petroleum stock was last seen up 3.7% at 20.42, in a 52-wk trading range of 9.00 – 54.05 and with a 13.74 consensus price target.

OXY looks Bullish but, before I call it a Buy, it has to close firmly above 25 and hold. The support is Strong at 18.09, there is Key resistance at 24.28. Technically it is on its way back to the January highs near 50/share.

EOG Resources stock was up over 4% at 55.25, and the consensus price target is 61.06. Its 52-wk trading range is 27.00 – 95.29.

It too looks Bullish, but before I call it a Buy it must close solidly above 60.47 and hold. EOG has Strong Support at 51.46 and Key resistance at 60.47. A move above that mark augurs a move back to its January highs near 90/share.

Have a healthy week, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.