Goldman Sachs Lifts <b>Occidental Petroleum</b> to Buy with $69 Price Target
Goldman Sachs upgraded Occidental Petroleum to Buy from Neutral on October 1, boosting its price target to $69. This marks a significant increase from the previous target of $63.
The upgrade was based on several factors, including debt reduction, dividend growth potential, and a self-help initiative aiming to improve cash flow by $4 billion by 2030. Occidental's second-quarter earnings showed a notable improvement, with adjusted earnings reaching $2.40 per share compared to the expected $1.86.
With the stock currently trading at $58.08, Goldman Sachs' price target of $69 represents an increase of 18.8% from its current value. The next test for Occidental's performance will come in November when it announces its third-quarter earnings results on November 9, followed by a conference call on November 10.