** Brokerage Raymond James raises price target on shale producer Occidental Petroleum OXY.N to $64 from $50 amid Middle East conflict

** New PT represents an upside of 9.6% to the stock's last close

** Brokerage expects co will raise production in the second quarter on stronger Permian volumes and finish the year above market expectations

** We expect production to keep growing into 2027, supported by modest spending increases and a largely stable cost structure - Raymond James

** Brokerage says OXY's free cash flow in 2026 will be directed toward debt reduction and enhanced shareholder returns

** 8 of 27 brokerage rate the stock "buy" or higher, 15 "hold" and 4 "sell"; their median PT is $54.5 - LSEG-compiled data

** As of last close, OXY up 42% YTD

(Reporting by Varun Sahay in Bengaluru)

((Varun.sahay@thomsonreuters.com))