Markets

Occidental Petroleum Upgraded to “Overweight” at JPMorgan (OXY)

Integrated oil and natural gas company Occidental Petroleum Corporation ( OXY ) on Thursday caught a big upgrade from analysts at JPMorgan Chase.

The firm said it upgraded OXY to Overweight with a $110 price target, suggesting a massive 45% upside to the stock's Wednesday closing price of $74.72.

JPMorgan noted the company is well-positioned to deliver above-average growth.

Occidental shares rose $1.17, or +1.9%, in premarket trading Thursday.

The Bottom Line

Shares of Occidental Petroleum ( OXY ) have a 2.43% dividend yield, based on last night's closing stock price of $75.72. The stock has technical support in the $68-$70 price area. If the shares can firm up, we see overhead resistance around the $80-$84 price levels.

Occidental Petroleum Corporation ( OXY ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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