Why Occidental Petroleum Rallied in March
Shares of Occidental Petroleum (NYSE: OXY) rallied 22.5% in March, according to data from S&P Global Market Intelligence.
Occidental was an obvious beneficiary of higher oil prices, which spiked in March after the war with Iran broke out on the last day of February. As a U.S.-centered oil-and-gas giant, Occidental stands to benefit from those higher prices and unaffected supply. Although Occidental has some assets in the Middle East, they account for only a small share of its overall production.
Although oil prices had already been rising in the lead-up to the war, Iran's subsequent closing of the Strait of Hormuz added fuel to the fire, so to speak. In March, the price of oil rallied by just over 50% to $111 per barrel, leading to outsize profits for oil and gas drillers that are still able to get their barrels to market.
Source Fool.com
Occidental Petroleum Corp. Stock
Currently there is a rather positive sentiment for Occidental Petroleum Corp. with 25 Buy predictions and 15 Sell predictions.
On the other hand, the target price of 46 € is below the current price of 46.96 € for Occidental Petroleum Corp., so the potential is actually -2.04%.
