Occidental Petroleum experienced a modest pullback following a prior session that saw double-digit gains. Susquehanna raised its price target for OXY to $60, according to GuruFocus reporting. The stock's recent volatility reflects market reaction to the analyst upgrade. The pullback after the previous session's significant gains represents typical profit-taking behavior following a strong trading day. Susquehanna's price target adjustment represents a change in the firm's valuation assessment of the company. These movements occurred within the context of normal market trading patterns for the energy sector stock.
Read full analysisOccidental Petroleum experienced a modest pullback following a prior session that saw double-digit gains. Susquehanna raised its price target for OXY to $60, according to GuruFocus reporting. The stock's recent volatility reflects market reaction to the analyst upgrade. The pullback after the previous session's significant gains represents typical profit-taking behavior following a strong trading day. Susquehanna's price target adjustment represents a change in the firm's valuation assessment of the company. These movements occurred within the context of normal market trading patterns for the energy sector stock.
Occidental Petroleum is a major U.S. oil and gas producer with significant operations in the Permian Basin, Gulf of Mexico, and international assets. The company recently completed a $9.7 billion sale of its OxyChem chemical business to Berkshire Hathaway, using proceeds to slash debt and refocus on upstream oil and gas and carbon capture ventures. Today's modest pullback follows yesterday's 11.4% surge on a Q4 earnings beat, dividend hike, and disciplined capital spending outlook.