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Occidental Petroleum Corp. stock underperforms

The Shares of Occidental Petroleum Corp.shed 0.61% to $25.94 Thursday. This proved to be an all-around great trading session for the stock market, with the S&P 500 Index SPX rising 0.68% to 4,211.47 and the Dow Jones Industrial Average DJIA rising 0.71% to 34,060.36. The stock’s fall snapped a four-day winning streak.

Occidental Petroleum Corp. closed $6.58 below its 52-week high ($32.52), which the company reached on March 5th.The stock underperformed when compared to some of its competitors Thursday, as Exxon Mobil Corp. XOM rose 1.43% to $58.94, Chevron Corp. CVX rose 1.60% to $106.90, and ConocoPhillips COP rose 0.17% to $53.13. Trading volume remained 780,995 below its 50-day average volume of 18.8 M.

Occidental Petroleum Corp stock currently trades at $26.10, and has gained 155% from the low of $10.23 seen in March 2020. The pre Covid high of $42.97; At current market price of $26.10, it is 39% below this peak level. The Petroleum company is upside post Covid could be 65% if the stock recovers from $26.10 currently to its pre-crisis levels of $42.97, although the company’s large debt burden and strained financial condition present a significant risk to this upside.

The CEO of occidental petroleum said that they support the direct regulation of methane, just for the safety of the environment. It is very potent and we need to have regulation in place to ensure that we have adequate control throughout the industry. They support that.

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