Benzinga | Oct 18, 2021 12:56PM EDT

Why Occidental Petroleum Shares Are Rising

Occidental Petroleum Corporation (NYSE:OXY) shares are trading higher by 4.9% at $33.20 after Truist Securities upgraded the stock from Hold to Buy and announced a $50 price target.

Some energy stocks have also been volatile as oil prices increase on higher demand levels as some economies recover from the COVID-19 pandemic.

Occidental Petroleum is an independent exploration and production company with operations in the United States, Latin America and the Middle East. At the end of 2020, the company reported net proved reserves of 2.9 billion barrels of oil equivalent.

Occidental Petroleum has a 52-week high of $34.57 and a 52-week low of $8.52.