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

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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

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

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