Occidental (OXY) Sells OxyChem, Scotiabank Lowers PT

Occidental Petroleum Corporation (NYSE:OXY) is one of the 12 Best American Energy Stocks to Buy Now. On January 16, Scotiabank slightly reduced its price target on Occidental Petroleum Corporation (NYSE:OXY) from $47 to $46 and maintained its Sector Perform rating on the stock. This change came as part of the firm’s update of price targets for US integrated oil companies, refining companies, and large-cap exploration and production companies under its coverage.

Scotiabank believes quarterly earnings will be straightforward as there were no major winter weather disruptions. Looking ahead, the research firm noted that investors are likely to focus on whether recent market volatility will lead companies to change their 2026 guidance. The firm also pointed out that attention may be on whether any exploration and production companies will introduce cost-cutting programs.

Previously, on January 2, Occidental Petroleum Corporation (NYSE:OXY) reported that it completed the sale of OxyChem, its chemical business, to Berkshire Hathaway for $9.7 billion. The company expects this deal will support its strategy to strengthen its balance sheet and improve its focus on its diverse oil and gas portfolio.

Occidental Petroleum Corporation (NYSE:OXY) is an American multinational energy company with assets primarily in the United States, the Middle East, and North Africa. The company is one of the largest oil and gas producers in the US.

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Disclosure: None. This article is originally published at Insider Monkey.