Why did Occidental Petroleum move?
Written after the close on
Occidental Petroleum edged higher in the last session, helped by analyst upgrades. Over the last five trading days Occidental Petroleum rose slightly, outpacing a roughly flat S&P 500 and a slightly higher energy sector, so the gain was modest but broader than the market. A dividend-focused piece noted the company can cover its payout even with oil far below current levels, which likely supported sentiment, while the CEO having shares withheld for taxes is routine and not a real driver. Watch the third-quarter results due in early November, when management will report on production and costs.
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Earlier this week
Occidental Petroleum climbed on a broker upgrade. Over the last five trading days Occidental Petroleum was roughly unchanged overall, moving in line with a slightly weaker broad market while the energy sector stayed flat, then rose very sharply in the latest session. The likely driver was an upgrade to Buy from Goldman Sachs, which pointed to strong debt reduction and growing dividend potential — a concrete event from today that probably pulled in buyers. That gain outweighed softer signals, such as the stock at times diverging from firmer crude oil prices. The next scheduled catalyst is the third-quarter earnings report due in early November, which the company said it will release after the market close on November 9, with a conference call the following day.