Goldman Sachs upgrades Occidental Petroleum, says energy stock is at right place to buy
Occidental Petroleum 's recent underperformance has brought the stock to a more attractive level, according to Goldman Sachs. Analyst Neil Mehta upgraded the energy stock to buy from neutral. His price target of $81 per share implies upside of 25.1% from Monday's closing price of $64.76. He turned neutral in July after the stock sharply outperformed in the first half of 2022.
"Instead, it reflects a view that the current valuation is difficult to reconcile with the quality of the underlying assets and cash flow power through a cycle." The stock gained 1.4% in premarket trading. It's added 2.8% so far this year after skyrocketing 117.3% in 2022. Mehta said he expects Occidental to return around $9 billion in free cash flow to shareholders in 2023 through share repurchases and equity redemption.
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