UPDATE: Sterne Agee Downgrades Occidental Petroleum to Neutral on Near-Term Uncertainty
In a report published Wednesday, Sterne Agee analyst Tim Rezvan downgraded the rating on Occidental Petroleum Corporation (NYSE: OXY) from Buy to Neutral, and removed the $97.00 price target.
In the report, Sterne Agee noted, “Value creation from a partial monetization of MENA and a spin of California remains an intriguing long-term proposition, but uncertainty on the ultimate timing/form of the actions gives us pause in the near term as shares approach our $97 PT. Resolution of uncertainty in the C-suite, followed by management candor on a strategic review drove a 'catch-up' rally over the last six weeks (OXY +18.4%, group +10.7%). We believe further outperformance is unlikely into year-end.
Occidental Petroleum Corporation closed on Tuesday at $94.26.
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