Occidental Petroleum (OXY – Research Report), the Energy sector company, was revisited by a Wall Street analyst yesterday. Analyst David Deckelbaum from TD Cowen maintained a Buy rating on the stock and has a $68.00 price target.
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David Deckelbaum has given his Buy rating due to a combination of factors that highlight Occidental Petroleum’s strong performance and strategic financial management. The company exceeded production expectations in the fourth quarter and demonstrated improved operational efficiencies, as evidenced by better-than-expected DCPS and LOE results. These outcomes were driven by enhanced midstream segment results and robust well performance, particularly in the Permian basin.
Furthermore, Occidental Petroleum’s strategic divestitures in the Rockies and Permian are expected to support the company’s leverage goals by aiding with near-term debt maturities. Additionally, despite some production guidance being slightly below consensus due to maintenance and ethane rejection, the company’s overall financial outlook remains solid. The increase in the fixed dividend and the alignment of capex with expectations further strengthen the investment appeal, positioning the company well for future growth and stability.
According to TipRanks, Deckelbaum is an analyst with an average return of -4.3% and a 35.84% success rate. Deckelbaum covers the Energy sector, focusing on stocks such as Conocophillips, EQT, and Diamondback.