America Based Occidental Petroleum Inc shares Performed better. Shares of Occidental Petroleum Corp. OXY rose 9.67% to $28.47 Tuesday. This proved to be an all-around mixed trading session for the stock market, with the Dow Jones Industrial Average DJIA rising 0.13% to 34,575.31 and the S&P 500 Index SPX falling 0.05% to 4,202.04.
Occidental Petroleum Corp. closed $4.05 below its 52-week high ($32.52), which the company achieved on March 5th. The stock outperformed some of its competitors Tuesday, as Exxon Mobil Corp. XOM rose 3.58% to $60.46, Chevron Corp. CVX rose 2.76% to $106.65, and ConocoPhillips COP rose 4.54% to $58.27. Trading volume (27.4 M) eclipsed its 50-day average volume of 16.5 M.
Energy stocks have rallied since early November as the U.S. economic recovery picked up, but Occidental has lagged despite rising 46% in 2021. Goldman pointed out that the stock has underperformed its sector year to date and dramatically since its 2019 acquisition of Anadarko Petroleum. Neil Mehta upgraded Occidental Petroleum from Neutral to Buy while keeping the price target unchanged at $31. The company stock underperformed when compared to its peers.