Occidental Petroleum (OXY) PT Lowered to $62 at Mizuho

Mizuho analyst Nitin Kumar lowered the price target on Occidental Petroleum (NYSE: OXY) to $62.00 (from $68.00) while maintaining a Neutral rating.

The analyst comments "We expect a ~7% EBITDA miss from OXY vs. current consensus, but would note that with realizations preannounced and steady operations street estimates may be coming down. The key question for management will be the impact of oil price weakness and/or macroeconomic volatility on the 2025 capital plan. We would note that some spending (e.g., Battleground Chemical expansion, remaining STRATOS budget) are not likely to change. Management noted that ~75% of the 2025 plan is targeted to U.S. onshore assets where they have more flexibility. Also, the company expects its cash margins to increase as dedicated spending on long cycle projects winds down. Further, they have made progress on deleveraging targets, including ~$891mm from warrant tender proceeds. Thus, the company has time to evaluate the circumstances and then taken necessary action, while still achieving its balance sheet goals. Lower NAV-based PT ~9% to $62, maintain Neutral rating."

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