Jean Ann Salisbury, an analyst from Bank of America Securities, maintained the Hold rating on Occidental Petroleum. The associated price target remains the same with $44.00.
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Jean Ann Salisbury has given her Hold rating due to a combination of factors influencing Occidental Petroleum’s financial outlook. The company reported stronger than expected second-quarter results, primarily driven by efficiencies in lease operating expenses and advantageous timing in midstream crude exports and natural gas marketing. However, these positive results were slightly offset by unexpected general and administrative expenses.
Despite the company’s efforts in deleveraging its significant debt, which has seen some progress, the timeline for achieving substantial shareholder returns is projected to extend into 2027 or 2028. Additionally, while Occidental has made strides in reducing costs and maintaining production levels, the cautious stance on oil prices and the ongoing focus on debt reduction contribute to the decision to maintain a Neutral rating, suggesting that the stock is expected to perform in line with the market in the near term.
In another report released yesterday, Mizuho Securities also reiterated a Hold rating on the stock with a $65.00 price target.
OXY’s price has also changed slightly for the past six months – from $46.780 to $43.590, which is a -6.82% drop .