On July 14, Occidental Petroleum rose 3.07% in regular trading, trading at $54.525/share, with turnover of $371 million.
On the news front, the integrated oil and gas sector broadly strengthened, with Exxon Mobil up 4.12%, BP up 4.07%, Petrobras up 3.15%, and Chevron up 2.98%, lifting Occidental Petroleum alongside sector peers. Additionally, Evercore ISI recently upgraded Occidental Petroleum to Outperform from Underperform, raising its price target from $58 to $65. The firm cited the company's ongoing deleveraging efforts and structurally lower operating costs as fundamentally reshaping its free cash flow outlook, potentially supporting the resumption of shareholder returns including share buybacks by the second half of 2028.
The broader backdrop includes elevated crude oil prices driven by heightened US-Iran geopolitical tensions and resumed sanctions on Iranian oil exports, which have pushed WTI crude above $70/barrel. Major US oil producers are widely expected to report significantly higher Q2 earnings amid the supply disruption environment.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
