Wells Fargo lowered the firm’s price target on Occidental Petroleum (OXY) to $52 from $53 and keeps an Equal Weight rating on the shares. The firm’s updated forecast implies no material production growth from Q4 2024’s result through 2026. Wells expects strong free cash flow generation to drive greater reductions in debt, which could lift the equity valuation.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on OXY:
- Occidental Petroleum: Hold Rating Amid Mixed Outlook on Production and Financial Stability
- Occidental Petroleum Reports Mixed Q4 2024 Results
- Occidental Petroleum’s Robust Earnings Call Highlights
- Occidental Petroleum price target lowered to $53 from $54 at Roth MKM
- Strong Buy Recommendation for Occidental Petroleum Amid Strategic Financial Management and Operational Excellence