Goldman Sachs upgraded Occidental Petroleum (OXY) to Buy from Neutral on Thursday and added the company to its US Conviction List. The bank raised its price target to $69 from $63. Occidental shares rose after the upgrade.
Goldman cited Occidental’s strategy to improve free cash flow by $4 billion by 2030 through cost savings and operational efficiencies. It also pointed to the company’s debt-reduction outlook, potential dividend growth and enhanced oil recovery techniques as reasons for the higher rating.