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Occidental Petroleum Corp Performs Better

Occidental Petroleum Corp shares +3.17% advanced 3.17% to $30.96 Wednesday. This proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX, -0.11% falling 0.11% to 4,241.84 and Dow Jones Industrial Average DJIA, -0.21% falling 0.21% to 33,874.24.

Occidental Petroleum Corp. closed $1.56 short of its 52-week high ($32.52), which the company reached on March 5th.The stock outperformed some of its competitors Wednesday, as Exxon Mobil Corp. XOM, +0.74% rose 0.74% to $64.26, Chevron Corp. CVX, -0.12% fell 0.12% to $106.27, and ConocoPhillips COP, -0.05% fell 0.05% to $60.76.

Occidental Petroleum Corp Performs BetterOccidental Petroleum Corp trading volume (24.1 M) eclipsed its 50-day average volume of 17.5 M.This was the stock’s third consecutive day of gains. Shares of Occidental Petroleum were up sharply Wednesday following bullish analyst estimates on oil prices.The oil and gas giant saw its stock spike 4% as of 10:20 a.m. ET, taking shares within striking distance of their 52-week high. On Monday, Bank of America issued a note to investors that oil could spike above $100 next year, which has spurred investing activity, but the Occidental story has been building for some time.

Five days ago, Morgan Stanley upgraded the company, saying it expected Occidental, also known as Oxy, to benefit from rising oil prices. The firm predicted a 40% gain. The company said it would stop pumping CO₂ extracted from the earth into its fields, instead of deploying CO₂ sucked from man-made sources, including power plants and factories.

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