Morgan Stanley analyst Devin McDermott raised the firm’s price target on Occidental (OXY) to $53 from $50 and keeps an Equal Weight rating on the shares following what the firm describes as “one of the more positive updates of this earnings season so far.” The company achieved its $15B debt target and guided 2026 capex about 12% below prior messaging due to sustainable efficiency gains and cost reductions, the analyst noted.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on OXY:
- Occidental Petroleum call buyer realizes 22% same-day gains
- Occidental price target raised to $45 from $39 at Roth Capital
- Midday Fly By: Walmart reports Q4 beat, eBay to acquire Depop from Etsy
- Early notable gainers among liquid option names on February 19th
- Kinetik receives takeover interest from Western Midstream, FT reports