Occidental Petroleum Price Targets Raised to $47 and $45 by Major Banks
Piper Sandler raised Occidental Petroleum’s target from $46 to $47 and Bank of America upped it from $44 to $45, both reaffirming Neutral ratings. Piper Sandler cited strong Q4 gas results but weaker oil, NGL prices and WAHA challenges; BofA pointed to Venezuelan leadership change and Iranian unrest boosting crude.
1. Piper Sandler Revision
On January 28, Piper Sandler raised Occidental Petroleum’s price target from $46 to $47 and maintained a Neutral rating. The firm expects strong Q4 gas earnings but cautioned that weaker oil and NGL prices, along with WAHA pricing pressure, could challenge near-term cash flow.
2. Bank of America Adjustment
On January 27, Bank of America increased its target from $44 to $45, keeping a Neutral stance. It cited the removal of Maduro in Venezuela and ongoing unrest in Iran as key drivers pushing front-month crude prices higher.
3. Outlook for Fiscal 2026
Both banks anticipate a shift toward maintenance spending for oil assets next year, while gas-focused producers pursue growth to meet rising LNG demand. They also noted that geopolitical events and individual company actions could act as catalysts for share performance.