Sterne Agee Reiterates Buy on Occidental Petroleum Corporation on Updated 1Q13 Guidance

In a report published Friday, Sterne Agee analyst Tim Rezvan reiterated a Buy rating and $97.00 price target on Occidental Petroleum Corporation

. In the report, Rezvan noted, “In an updated investor presentation at a competitor conference this week, Occidental provided a 1Q13 operations update in which it trimmed its international production outlook, driven by events in several regions. The update adversely impacts 1Q13 earnings, it does not materially change our long-term view on the stock. We trim estimates, but maintain our Buy rating and $97 PT, given our belief that the company's 3.3% dividend yield should provide a floor on shares in the low/mid $70's.” Occidental Petroleum Corporation closed on Thursday at $78.36.