Occidental Petroleum (OXY) PT Lowered to $65 at Susquehanna

Susquehanna analyst Biju Perincheril lowered the price target on Occidental Petroleum (NYSE: OXY) to $65.00 (from $77.00) while maintaining a Positive rating.

The analyst commented: "OXY reported 3Q results, with a beat on both production and EPS. It is guiding to 1,450 Mboe/d of production at the midpoint in 4Q, led by strong Permian new well performance and a 9 Mboe/d increase in expectations for its newly acquired CrownRock assets. OXY paid down $4B in debt in the third quarter and achieved ~90% of its near-term $4.5B debt reduction guide in just two months following the close of the CrownRock acquisition. OXY expects to maintain a five-rig program in its CrownRock assets for 2025 and generate mid-single-digit growth, while maintaining flexibility on capital spend across the rest of its U.S. onshore portfolio depending on commodity pricing. We maintain our Positive rating and lower our price target to $65."

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