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Mark R. Hake, CFA

Occidental Petroleum's Free Cash Flow and Buybacks Interest Value Investors

Occidental Petroleum OXY

Occidental Petroleum Corp (OXY) reported sizeable Q1 free cash flow yesterday and spent $732 million on share buybacks. At that rate, it will buy back 5.9% of its market cap annually, which interests value buyers of OXY stock.

As a result, the stock is up today to $57.93 per share, and it is possible that it could have reached a trough. Indeed, from a valuation standpoint, the stock looks cheap now.

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