Home » Occidental Petroleum’s Best Quarter Ever Blows Away Stock Market
(Bloomberg) — Fueled by its leverage to rising oil prices and a big boost from the world’s top investor, Occidental Petroleum Corp. doubled this quarter and is the best performer in the S&P 500.
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It is quite a turnaround for the oil explorer, which has struggled for years. The shares soared 101% over the last three months, marking the best quarter in the company’s history, as oil leaped over $100 a barrel. The next closest stock in the S&P 500 Index in the first quarter was Halliburton Co. with a 70% jump.
“I don’t think there’s a precedent for this,” Cowen & Co. analyst David Deckelbaum said in an interview.
On Wednesday, Raymond James analyst John Freeman raised his target for Oxy to $85 from $60, setting a new Wall Street high for expectations on stock. The average price target is $60, and the shares are trading for around $58.
The list of first-quarter winners in the broad market benchmark is filled with beneficiaries of oil’s surge, with…
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