Citi Has Hold Rating On Occidental Petroleum Corp

Citi Investment Research has a Hold rating and a $90 price target on shares of Occidental Petroleum Corp (NYSE: OXY).In a note sent to clients, Citi Investment Research writes, "OXY announced a series of transactions on Friday that we estimate provides upside risk to EPS. OXY announced: 1) the sale of its assets in Argentina for what we estimate is about $13 per boe ($2.5 bn); 2) the purchase of 180K acres in the Bakken oil play ($1.4 bn) for about $15 per boe (acq. plus dev. costs on 250mmboe); 3) the purchase of assets in South Texas ($1.8 bn) for about $1.50 per Mcfe on total identified resource or $4.00 per Mcfe on proved reserves (assuming 80% PDP); and 4) OXY also increased its position in the general partnership of Plains All American and bought out the 50% interest in the 550 MW Elk Hills power plant. We estimate the value of these two assets at $650 mm."Shares of OXY closed at $93.04 on Friday.