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UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Occidental Petroleum

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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

DateFirmActionFromTo
Aug 2017BarclaysMaintainsUnderweight
Jul 2017CitigroupDowngradesNeutralSell
May 2017JP MorganUpgradesUnderweightNeutral

View More Analyst Ratings for OXY
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Posted-In: Credit SuisseAnalyst Color Price Target Analyst Ratings

 

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