NEW YORK (TheStreet) -- Shares of Occidental Petroleum Corp. (OXY) are down today 0.66% to $82.35 as oil futures fell further Wednesday and gasoline prices set a new five-year low after data showed an unexpected surge in U.S. crude supplies, the Wall Street Journal reports.
Brent oil for February delivery traded down 3% to $59.81 at 12:03 p.m. in New York.
U.S. oil supplies rose by 7.3 million barrels in the week ended December 19, the U.S. Energy Information Administration said Wednesday. Analysts surveyed by the Journal had expected a drop of 1.9 million barrels.
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Separately, TheStreet Ratings team rates OCCIDENTAL PETROLEUM CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate OCCIDENTAL PETROLEUM CORP (OXY) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its expanding profit margins, largely solid financial position with reasonable debt levels by most measures and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and a generally disappointing performance in the stock itself."