Occidental Petroleum jumps after winning two analyst upgrades
Occidental Petroleum (OXY) shares rose 5.9% after receiving upgrades from Wells Fargo and Piper Sandler. Wells Fargo upgraded OXY to Overweight with a $69 price target, citing improved capital efficiency and strong productivity in the Permian Basin. Piper Sandler also raised its rating to Overweight with a $66 target, highlighting OXY's operational excellence in the Delaware Basin. Both analysts noted the company's ability to maintain production growth while reducing capital spending, positioning it favorably for future dividend growth and buybacks despite existing capital constraints.
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