Why Occidental Petroleum Stock Crushed It on Wednesday

For the most part, stock analysts tend to be cautious professionals. When they make a change in their coverage of a company, it tends to be incremental, like adding a few dollars to a price target. On the relatively rare occasions they change a stock recommendation, it tends to be up or down one peg.That wasn't the case on Wednesday with Occidental Petroleum (NYSE: OXY), which was the beneficiary of not only a recommendation upgrade but a double upgrade from a pundit tracking its fortunes. Largely because of this action, Occidental's shares closed that trading session nearly 4% higher.The upgrading party was Evercore ISI's Stephen Richardson, who moved his rating on Occidental from underperform (sell, in other words) to outperform (buy), skipping the usual stop of neutral. The analyst also raised his price target to $65 per share from $58. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool