Market Overview

Citi Raises Target on Occidental to $93 as Restructuring Now 'Largely Priced In'


Citi's Faisel Khan boosted his price target on shares of Occidental Petroleum (NYSE: OXY) from $82 to $93 Wednesday morning despite highlighting limited upside in the stock. Khan believes the company's restructuring is now mostly baked into the stock price.

Khan believes Occidental's cost-cutting efforts could unlock value in the range of $10-20 per share. The analyst said the company could be seeking to unload some of its portfolio of assets in the Middle East. Khan sees a price for these assets in the range of $16.5-21 billion. Khan suggested a spinoff of Occidental's Californian operations could be worth as much as $19 billion.

Shares of Occidental Petroleum are down 0.7 percent to $89.29 with about a half hour left in Wednesday's trading session.

Latest Ratings for OXY

Oct 2019MaintainsStrong Buy
Oct 2019MaintainsEqual-Weight
Sep 2019Initiates Coverage OnHold

View More Analyst Ratings for OXY
View the Latest Analyst Ratings

Posted-In: Analyst Color News Price Target Analyst Ratings


Related Articles (OXY)

View Comments and Join the Discussion!

Latest Ratings

PLCEB. Riley FBRDowngrades59.0
ASPUCanaccord GenuityMaintains11.0
AAPLEvercore ISI GroupMaintains305.0
THTXMackie ResearchUpgrades
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at

HomeAway Shares Tumble ~5% as Lazard Notes Market's Very Bullish Estimates for Pay-Per-Booking Model

Three Income ETFs Yielding Over 5 Percent