Prediction: If Oil Holds Above $100, Occidental Petroleum Stock Could Return 20% By Year-End
As oil prices rise again, so will Oxy's stock.
Overview
Occidental Petroleum (NYSE: OXY), the oil and gas giant more commonly known as Oxy, set a 52-week high of $67.45 per share on March 31. That year-to-date gain of nearly 60% was mainly fueled by the Middle East conflict's impact on global oil prices.
But after hitting a four-year high of $112.25 per barrel in May, WTI crude oil has dropped back to about $92 per barrel. Oxy's stock now trades at about $58. However, if oil climbs above $100 again and stays there, it could easily rise at least 20% by the end of 2026.
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Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.