Sections of OXY Occidental Petroleum Corporation,
Trade rose 9.1% on Wednesday afternoon, driven by rising crude oil prices to 13-month highs and continued praise from Wall Street analysts over the oil and gas company’s plans to reduce debt. The stock, which gained the most in the S&P 500 SPX,
on the way to close at the highest price since March 5. The company had reported Monday’s closing bell a broader-than-expected loss and a loss of revenue for the third straight quarter, but they said that they remained focused on strengthening their balance by using asset sales to reduce debt and to expand existing debt. Analyst Neal Dingmann at Truist confirmed his catch rating but raised his stock price target to $ 28 from $ 24, saying the company continues to “manage the best product debt, ”Which sets him in for a final return to continental growth. Meanwhile, the future of crude oil CL00,
gathered 2.4% towards the highest settlement since January 6, 2020. Over the past three months, Occidental stock has increased 69.4%, and crude futures have risen 40.6% and the S&P 500 gained 8.0%.