Occidental Petroleum Corp. Warrants (OXY.WS) surged 5.14% in pre-market trading on Tuesday, following a bullish analyst report from Mizuho Securities. The surge comes as investors react positively to the upgraded price target for the underlying Occidental Petroleum stock.

Mizuho Securities has adjusted its price target for Occidental Petroleum (OXY) to $64 from $60, while maintaining an Outperform rating. This upward revision suggests increased confidence in the company's future performance, despite recent challenges in the oil and gas sector. The analyst's positive outlook appears to have sparked renewed interest in Occidental's warrants, which give holders the right to purchase the company's stock at a predetermined price.

While Occidental Petroleum reported a decline in profits due to lower oil and gas sales in its most recent earnings report, the market seems to be focusing on the long-term potential highlighted by Mizuho's analysis. The company's average rating among analysts polled by FactSet remains at Hold, with a mean price target of $50.65. However, Mizuho's more optimistic stance could signal a potential shift in market sentiment towards the energy giant.