Occidental Petroleum (OXY) PT Raised to $71 at Mizuho

Mizuho analyst Nitin Kumar raised the price target on Occidental Petroleum (NYSE: OXY) to $71.00 (from $70.00) while maintaining a Neutral rating.

The analyst commented: "OXY benefitted from a diverse asset base to overcome volume headwinds in GOM and deliver a modest (~3%) beat on EBITDA and CFPS vs. consensus expectations. Management is looking to address concerns around deleveraging targets by highlighting ~$1bn of incremental FCF from contractual/structural changes by 2H26 that are not dependent on its core oil & gas business. Also, strong results in Permian 'secondary horizons' improve the LT inventory outlook. Reiterate Neutral and raise PT to $71/sh (vs. $70 prior)."

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