Occidental Petroleum Corp. shares rose 1.73% to $30.01 Tuesday. This proved to be an all-around great trading session for the stock market, with the S&P 500 Index SPX rising 0.51% to 4,246.44 and the Dow Jones Industrial Average DJIA rising 0.20% to 33,945.58.
Occidental Petroleum Corp. closed $2.51 below its 52-week high ($32.52), which the company achieved on March 5th. The stock demonstrated a mixed performance when compared to some of its competitors Tuesday, as Exxon Mobil Corp. XOM rose 1.92% to $63.79, Chevron Corp. CVX rose 0.33% to $106.40, and ConocoPhillips COP rose 0.56% to $60.79.
Occidental Petroleum Corp trading volume (15.2 M) remained 2.3 million below its 50-day average volume of 17.5 M.This was the stock’s second consecutive day of gains. Crude oil prices hit multi-year highs this week above $70 per barrel on optimism surrounding summer reopening and travel demand. On Friday, one Wall Street analyst adjusted his oil stock coverage ahead of what could be a big summer for oil stocks.
Overall, it was another good week for the sector. West Texas Intermediate (WTI) crude futures gained 1.9% to close at $70.91 per barrel and natural gas prices moved up 6.4% in the week to end at around $3.30 per million British thermal units (MMBtu). Both commodities managed to maintain their forward momentum from the previous two weeks. Occidental Petroleum announced that it has entered into a definitive agreement to sell non-core assets in the Permian Basin to a unit of Colgate Energy Partners III, LLC for $508 million.