Evercore ISI upgrades OXY to Outperform with a $65 target, driving a 4% gain amid a 5% crude oil rally.
Occidental Petroleum (OXY) surged 4% to $53.90 after Evercore ISI upgraded the stock to Outperform from In-Line, raising its price target to $65 from $58. The move contrasts with ExxonMobil (XOM) and Chevron (CVX), which rose just 1% or declined, as broader energy gains were muted by their heavy weighting in the XLE ETF.
WTI crude oil climbed 5% on Strait of Hormuz disruptions, but OXY’s outperformance stems from the upgrade, which highlights deleveraging and capital efficiency. Despite the gain, OXY’s $65 target remains below its 2026 high of $67, with 14 Hold ratings versus 8 Buys limiting near-term upside.
The XLE ETF advanced only 1%, as XOM and CVX’s combined 41% weighting offset broader energy sector strength. OXY’s dual catalysts—analyst upgrade and oil spike—set it apart from peers.