Major Bank Rating | Evercore ISI: Raises Occidental Petroleum target price to $65, upgrades rating to "Outperform"

Glonghui, July 9th｜Evercore ISI has upgraded Occidental Petroleum’s rating from “Underperform” to “Outperform” and raised its price target from $58 to $65. Evercore notes that Occidental Petroleum’s ongoing deleveraging and structurally lowering of operating costs have fundamentally improved the company’s free cash flow position, enabling it to better seize opportunities in the crude oil market fundamentals. Evercore expects these improvements will support the company in restarting its shareholder return program, including a potential resumption of share buybacks in the second half of 2028.