Occidental Petroleum (OXY) PT Lowered to $68 at Mizuho

Mizuho analyst Nitin Kumar lowered the price target on Occidental Petroleum (NYSE: OXY) to $68.00 (from $70.00) while maintaining a Neutral rating.

The analyst commented: "We forecast a 4%/1% miss on EBITDAX/CFPS for OXY in 4Q24, as in-line volumes are offset by pre-reported realizations. The focus for the call will likely be on the 2025 capital plan (see below), where management gave some big picture remarks with the 3Q24 call and formal guidance will be provided in February. The first phase of STRATOS is expected to come online in mid-2025, and we look for thoughts on the permitting and commercialization of the project. OXY was running ahead of schedule in terms of near term debt reduction post CrownRock as of 3Q24, and we look for an update on both asset sales and organic CFFO margin expansion. Maintain our Neutral rating, while lowering NAV based price target to $68/sh (from $70/sh) on updated LT realizations and Chemical margin assumptions."

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