Oil companies gained on Tuesday afternoon trading following a number of positive analyst recommendations, while oil hit an 11-month high toward $57 per barrel after Saudi Arabia announced plans to cut production by 1 million barrels per day, according to a CNBC report. Mizuho placed a buy rating on both Occidental Petroleum (OXY) and ConocoPhillips (COP), with a price target of $26 and $56, respectively. That firm also upgraded Marathon Oil (MRO) to buy from neutral and increased the price target to $11 from $6. Shares of Occidental Petroleum rose 12%, Marathon Oil gained 8% and ConocoPhillips jumped 4%.