Predicting Occidental Petroleum's Performance In 2023 And 2024: A Closer Look At CFPS Estimates Adjustments
Portfolio Pulse from Lekha Gupta
Stephens analyst Mike Scialla has lowered the price target of Occidental Petroleum Corp (NYSE:OXY) to $69 from $72, citing a decline in projected realized natural gas and NGL prices and a higher expected LOE. The Q2 FY23 cash flow per share (CFPS) estimate has been reduced to $2.59, 10% below consensus. The Q2 EBITDA estimate has also been reduced by 13% to $3.22 billion. Morgan Stanley has also reduced OXY's price target to $60 from $63.
July 18, 2023 | 7:19 pm
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NEGATIVE IMPACT
Occidental Petroleum Corp's price target has been lowered by both Stephens and Morgan Stanley due to declining projected natural gas and NGL prices.
The lowering of the price target by two major financial institutions, Stephens and Morgan Stanley, indicates a bearish outlook for Occidental Petroleum Corp. This is primarily due to the projected decline in natural gas and NGL prices, which are key factors in the company's revenue generation. This could potentially lead to a decrease in the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100