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Occidental Petroleum (OXY) Surges: Stock Moves 10.6% Higher

Zacks Equity Research

Occidental Petroleum Corporation OXY was a big mover last session, as the company saw its shares rise nearly 11% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This stock, which remained volatile and traded within the range of $9.69 –$36.19 in the past one-month time frame, witnessed a sharp increase yesterday.

The upmove came following reports that the company has reached an agreement with activist investor Carl Icahn in a takeover war on management concerns amid falling oil prices. Per the terms, the company will bring back its former CEO, Stephen Chazen, as chairman of the board.

The company has seen six negative estimate revisions in the past few weeks, while its Zacks Consensus Estimate for the current quarter has also moved lower over the past few weeks, suggesting there may be trouble down the road. So, make sure to keep an eye on this stock going forward, to see if this recent move higher can last.

Occidental Petroleum currently has a Zacks Rank #4 (Sell) while its Earnings ESP is 0.00%.

Occidental Petroleum Corporation Price

Occidental Petroleum Corporation Price

Investors interested in the Oils-Energy sector may consider RGC Resources Inc. RGCO, which has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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