Barclays Raises PT on Occidental Petroleum Corporation (OXY) to $59 From $55 – Here’s Why

<p>Occidental Petroleum Corporation (NYSE:<a href="https://finance.yahoo.com/quote/OXY">OXY</a>) is one of <a href="https://www.insidermonkey.com/blog/10-best-oil-stocks-to-buy-right-now-2-1716274/">the best oil stocks to buy right now</a>. Occidental Petroleum Corporation (NYSE:OXY) received a rating update from Barclays on March 13, with the firm lifting the price target on the stock to $59 from $55 while maintaining an Equal Weight rating on the shares. It told investors in a research note that even though the oil spike is “unlikely to last for long,” the market is underappreciating the cash flow benefit and the “durable benefit” it will have on the group’s capacity to increase cash returns beyond the conflict.</p>
<p>In another development, Occidental Petroleum Corporation (NYSE:OXY) was upgraded to Overweight from Neutral by Piper Sandler on March 12, with the firm lifting the price target on the stock to $66 from $54. The firm raised its mid-cycle crude price forecast to $75 per barrel from $70 amid conflict in Iran, expecting lasting supply impacts. It attributed the upgrade to its increased price deck and stated that higher prices are required to incentivize investment in production.</p>
<p>Occidental Petroleum Corporation (NYSE:OXY) is involved in the exploration and production of oil and natural gas. The company’s operations are divided into the following segments: Oil and Gas, Chemical, and Midstream and Marketing.</p>
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