Occidental (OXY) Shares Sharply Higher as Analysts See Solid Upside

Shares of Occidental Petroleum (NYSE: OXY) have rallied sharply Friday, marking a new all-time high at $114.06. The stock is off session highs and last traded at $112.86, up 7.4 percent.

Responding to Occidental's strong Q1 results issued Thursday, several analysts got more bullish on the stock this morning.

• Deutsche Bank - Reiterated a Buy rating and raised the stock's price target from $120 to $125. Calls California the key: "permitting is accelerating, allowing higher California capex, and faster volume growth on what seems to be an extremely high return play that is almost unique to Oxy." The firm believes the the company's volume miss and lowered Q2 guidance is positive as "it is vital for Occidental to meet and beat stated targets."
  
• BofA Merrill - Believes Occidental shares could hit $200 in a bull-case scenario. Opportunities in California could be worth as much as $100 per share if the company has around 45 rigs operational over the next several years. The firm contends the market is not giving any meaningful value to the possibilities within California.

Visit our Analyst Ratings page to track all the market-moving analyst action on shares of Occidental Petroleum.

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