Wells Fargo Upgrades Occidental Petroleum Stock from Underweight to Equal Weight

Shares of Occidental Petroleum Corporation (NYSE: OXY) were just recently upgraded by an equity research analyst at Wells Fargo, which is a bullish signal for existing and potential investors in OXY stock. Here’s what you need to know about the analyst upgrade:

Wells Fargo Upgrades OXY Stock

Wells Fargo moved its rating on shares of OXY from underweight to equal weight and moved its price target on Occidental Petro stock from $59 to $74. The last traded price per share of OXY at the time of writing this is $73.28In case you’re not very familiar with Occidental Petroleum Corporation, here’s an overview:

About Occidental Petroleum Corporation (NYSE: OXY)

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company’s Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas. Its Chemical segment manufactures and markets basic chemicals, including chlorine, caustic soda, chlorinated organics, potassium chemicals, ethylene dichloride, chlorinated isocyanurates, sodium silicates, and calcium chloride; vinyls comprising vinyl chloride monomer, polyvinyl chloride, and ethylene. The Midstream and Marketing segment gathers, processes, transports, stores, purchases, and markets oil, condensate, NGLs, natural gas, carbon dioxide, and power. This segment also trades around its assets consisting of transportation and storage capacity; and invests in entities. Occidental Petroleum Corporation was founded in 1920 and is headquartered in Houston, Texas. You can learn more on the Occidental Petro website here.