Occidental Petroleum price target lowered to $51 from $57 at Piper Sandler

Piper Sandler analyst Ryan Todd lowered the firm’s price target on Occidental Petroleum (OXY) to $51 from $57 and keeps a Neutral rating on the shares. Despite the general bearishness on crude oil, driven by the uncomfortable realities of a well-supplied market that is wrestling with the long-term demand implications of a suddenly “mortal” China, Piper views the integrated oil companies as relatively well-positioned within energy, both in terms of relative earnings resilience, solid underlying growth, resource depth, and sustainable shareholder returns, the analyst tells investors in a research note.