OXY Stock Alert: Occidental Petroleum Receives Goldman Sachs Upgrade

  • Occidental Petroleum (OXY) stock just got an upgrade from Goldman Sachs.
  • The upgrade bumped shares up to a “buy” rating.
  • The analyst also gave shares a bullish $81 price target.
Person holding cellphone with logo of American company Occidental Petroleum Corp. (OXY Stock) on screen in front of website. Focus on phone display. Unmodified photo.

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Occidental Petroleum (NYSE:OXY) stock is on the rise Tuesday following an upgrade from Goldman Sachs.

Goldman Sachs analyst Neil Mehta is behind today’s upgrade, bumping OXY stock from a “neutral” rating to a “buy” rating. To put that in perspective, the consensus rating for shares is currently a “hold” based on 17 analysts’ opinions.

In addition to the upgrade, the Goldman Sachs analyst also gave OXY stock a new $81 price target. That implies a potential 25.1% upside for shares compared to Monday’s close. For comparison, the analyst consensus price target for OXY stock is $76.82 per share.

What’s Behind the OXY Stock Upgrade?

Mehta said the following about Occidental Petroleum in a note to clients obtained by CNBC:

“Our upgrade is not a call on the quarter or 2023 capital spending guidance, where we are modestly above consensus […] Instead, it reflects a view that the current valuation is difficult to reconcile with the quality of the underlying assets and cash flow power through a cycle.”

As for stock movement today, some 6 million shares have changed hands as of this writing. That’s still well below the company’s daily average trading volume of about 11.6 million shares. OXY stock is also up 1% as of Tuesday morning.

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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