JPMorgan Lowers PT for Occidental Petroleum (OXY), Keeps Neutral Rating
Occidental Petroleum Corporation (NYSE:OXY) is one of the 10 Best Oil and Gas Stocks to Buy Now. On May 9, JPMorgan lowered its price target on Occidental Petroleum Corporation (NYSE:OXY) from $52 to $47 and kept a 'Neutral' rating.
JPMorgan analysts highlighted the corporation's Q1 2025 results and the management's efforts to cut costs amid a challenging oil price environment.
Oil derricks in the background with a few workers in the foreground, emphasizing the company's oil and gas production activities.
Occidental Petroleum Corporation (NYSE:OXY) reported that it reduced drilling cycle times in the Permian Basin by 15% through enhanced well designs and strong execution. These actions led to a 10% decrease in well costs year-over-year, exceeding the target of 5-7% that the company had set just a few months ago.
Thanks to these improvements, the corporation plans to decommission two drilling rigs in the Permian in 2025. However, Occidental Petroleum Corporation (NYSE:OXY) aims to bring more wells online and with slightly increased production even with this reduced rig count.
The corporation has lowered its full-year capital guidance by $200 million. Additionally, Occidental Petroleum Corporation (NYSE:OXY) aims to cut its operational expenses by $150 million in 2025.
Occidental Petroleum Corporation (NYSE:OXY) is an American multinational energy company with assets mainly in the US, the Middle East, and North Africa. It is one of the largest oil and gas producers in the US.
While we acknowledge the potential of OXY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 11 Stocks That Will Bounce Back According To Analysts and 11 Best Stocks Under $15 to Buy According to Hedge Funds.
Disclosure: None.
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