UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Occidental Petroleum
In a report published Friday, Credit Suisse reiterated its Outperform rating on Occidental Petroleum (NYSE: OXY), but lowered its price target from $114.00 to $110.00.
Credit Suisse noted, “As hoped, OXY laid out a path to reduce capex and improve returns. The price will be lower growth, but we think the market will prefer the free cash-flow generation, focus on costs and potential for a higher shareholder payout. Our EPS actually rise even on lower growth due to the aspiration to cut opex towards 2011 levels, but we cut NAV to $110/sh due to lower rig counts.”
Occidental Petroleum closed on Thursday at $82.52.
Latest Ratings for OXY
|Jan 2017||BMO Capital||Downgrades||Outperform||Market Perform|
|Jan 2017||Bank of America||Downgrades||Buy||Neutral|
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