UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Occidental Petroleum Corporation on CRC Independence - Occidental Petroleum (NYSE:OXY)

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In a report published Monday, Jefferies analyst Jason Gammel reiterated a Buy rating on

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Occidental Petroleum Corporation

(NYSE: OXY), but lowered the price target from $112.00 to $104.00.In the report, Jefferies noted, “Oxy's spin-out of 80.1% of the equity in California Resources Corporation (CRC) was effective on November 30. We are updating our price target to $104 from $112 to reflect Oxy's reduced equity position as well as the lower market value of Oxy's retained equity in CRC versus our previous estimate; we maintain our Buy rating.”Occidental Petroleum Corporation closed on Friday at $82.75.