Raymond James raises PT on Occidental Petroleum

Brokerage Raymond James raises price target on shale producer Occidental Petroleum OXY.N to $64 from $50 amid Middle East conflict

New PT represents an upside of 9.6% to the stock's last close

Brokerage expects co will raise production in the second quarter on stronger Permian volumes and finish the year above market expectations

We expect production to keep growing into 2027, supported by modest spending increases and a largely stable cost structure - Raymond James

Brokerage says OXY's free cash flow in 2026 will be directed toward debt reduction and enhanced shareholder returns

8 of 27 brokerage rate the stock "buy" or higher, 15 "hold" and 4 "sell"; their median PT is $54.5 - LSEG-compiled data

As of last close, OXY up 42% YTD