
Occidental Petroleum (OXY) Stock Forecast & Price Target
Occidental Petroleum (OXY) Analyst Ratings
Bulls say
Occidental Petroleum reported a strong production increase of 7% quarter-over-quarter and 3% year-over-year, reaching an average of 1,258 thousand barrels of oil equivalent per day, consistent with market guidance. The company raised its capital expenditure and production guidance for 2024 by 6% and 5%, respectively, indicating confidence in future operations and the inclusion of CrownRock's contributions. Additionally, Occidental's midstream and marketing sector significantly outperformed expectations, with pre-tax income exceeding guidance by over $180 million, underscoring effective management and favorable market conditions.
Bears say
Occidental Petroleum faces a negative outlook due to the significant risk posed by unhedged production, which renders the company's cash flow and EBITDA estimates highly susceptible to fluctuations in oil and natural gas prices. The company's second-quarter production in the Rockies not only fell short of guidance, but also led to a downward revision in cash flow per share and EBITDA estimates, indicating potential challenges in meeting short-term financial targets. Additionally, concerns regarding the productivity of new wells, along with potential tax increases on the oil and gas sector, could further impact the company's financial viability and undermine the net asset value estimates.
This aggregate rating is based on analysts' research of Occidental Petroleum and is not a guaranteed prediction by Public.com or investment advice.
Occidental Petroleum (OXY) Analyst Forecast & Price Prediction
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