Why Occidental Petroleum Stock Crushed it on Wednesday

Occidental Petroleum stock surged nearly 4% after analyst Stephen Richardson from Evercore ISI upgraded the company from underperform to outperform with a price target increase to $65 from $58. The upgrade was driven by the company's significantly improved balance sheet through debt reduction, which should boost free cash flow. Richardson also cited the company's attractive valuation and elevated oil prices from geopolitical tensions as supporting factors.