Occidental Petroleum (OXY) Soars to 52-Week High on Leadership Transition

Occidental Petroleum Corp. (NYSE:OXY) is one of the 10 Stocks Investors Dominating the Market Today.

Occidental Petroleum rallied for a third straight day on Thursday to hit an over 52-week high, as investors welcomed the company’s incoming leadership transition.

In intra-day trading, Occidental Petroleum Corp. (NYSE:OXY) climbed to its highest price of $64.44 before paring a few cents to finish the day just up by 4.06 percent at $64.36 apiece.

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An exclusive report by Reuters said that incumbent Chief Executive Officer Vicki Hollub is set to retire this year after more than four decades in the company, handing over the reins to Chief Operating Officer Richard Jackson.

Hollub was the first woman to lead a major oil firm and grow it into one of the largest petroleum firms in the Permian Basin. Despite her retirement, she would remain on the board of directors and serve as an advisor to support with the transition.

Following the report, JPMorgan reiterated its price target of $63 and “hold” rating for its stock.

Meanwhile, Truist earlier this week issued a “hold” recommendation and a price target of $65 in its first coverage about the company.

Evercore ISI also issued a 52.6 percent higher price target of $58 for the stock, versus $38 previously, but maintained an underperform rating.

Occidental Petroleum Corp. (NYSE:OXY) is a US-based international oil and gas company that has operations in the US, the Middle East, and North Africa.

Last year, Occidental Petroleum Corp. (NYSE:OXY) dropped its net income attributable to shareholders by 30.7 percent to $1.65 billion from $2.38 billion in 2024. Total revenues dipped by 1.9 percent to $21.59 billion from $22.02 billion year-on-year.

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