Susquehanna has revised its price target for Occidental Petroleum (OXY, Financial), lowering it from $59 to $55, while maintaining a Positive rating on the stock. This adjustment reflects changes in the firm's projections for future oil prices, which have been influenced by broader economic factors.
The firm now anticipates the price of oil to average around $68 per barrel in 2025, slightly reducing its long-term forecast to $67 per barrel. These adjustments are partly due to the impact of tariffs, which have reduced global demand estimates and contributed to declining oil prices as the second quarter begins. Concerns over a potential recession are adding to the downward pressure on prices.
Furthermore, the oil market is adjusting as OPEC+ starts to roll back its voluntary production cuts of 2.2 million barrels. This increase in supply, beginning in April, is expected to further influence market dynamics.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 24 analysts, the average target price for Occidental Petroleum Corp (OXY, Financial) is $49.38 with a high estimate of $63.11 and a low estimate of $38.00. The average target implies an upside of 26.55% from the current price of $39.02. More detailed estimate data can be found on the Occidental Petroleum Corp (OXY) Forecast page.
Based on the consensus recommendation from 27 brokerage firms, Occidental Petroleum Corp's (OXY, Financial) average brokerage recommendation is currently 2.8, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Occidental Petroleum Corp (OXY, Financial) in one year is $55.38, suggesting a upside of 41.93% from the current price of $39.02. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Occidental Petroleum Corp (OXY) Summary page.
