Occidental Petroleum price target lowered to $77 from $78 at Susquehanna

Susquehanna analyst Biju Perincheril lowered the firm’s price target on Occidental Petroleum (OXY) to $77 from $78 and keeps a Positive rating on the shares. The firm updated its estimates ahead of Q3 results while maintaining its second half 2025 and 2025 gas and oil assumptions. They view the pricing bias to the downside, given a weakening demand environment and potential unwinding of OPEC+ cuts, but see geopolitical concerns as the wild card due to potential supply disruptions. Looking to 2025, companies are largely focused on their maintenance capital programs, with the ability to flex down activities if pricing deteriorates.