Goldman Sachs Backs Occidental Petroleum with USD 69 Price Target

Goldman Sachs has added Occidental Petroleum to its US Conviction List, maintaining a Buy rating and setting a price target of USD 69.00 per share.

The investment bank's view centers on the company's use of enhanced oil recovery techniques, which it believes will extend the productive life of shale reserves and improve capital efficiency.

Occidental Petroleum's second-quarter earnings provided an operating benchmark for the company, with adjusted earnings reaching USD 2.40 per share, beating consensus by USD 0.57.

The stock remains below its yearly high, but Goldman Sachs' target suggests potential upside for investors.