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UPDATE: Bank Of America Reiterates On Occidental Petroleum As Yield Support Underlines Resilience


In a report published Monday, Bank of America analyst Doug Leggate reiterated a Buy rating on Occidental Petroleum Corporation (NYSE: OXY), but lowered the price target from $130.00 to $105.00.

In the report, Bank of America noted, “While the market is likely in no mood to consider new energy sector investments, existing holdings still require a framework to determine relative risk. We maintain that OXY has the defensive characteristics to complete its repositioning, starting with CRC's separation which starts regular way trading on 12/1. Post the separation of CRC, implications for OXY start with removal of blackout restrictions to enable up to 15% of share buybacks and an accelerated pace of growth per share that remains competitive even at $70 oil. At current levels OXY is trading with an implied oil price well below these levels; at strip prices we see a reasonable PO at $105.”

Occidental Petroleum closed on Friday at $79.77.

Latest Ratings for OXY

Apr 2021Morgan StanleyMaintainsEqual-Weight
Apr 2021ScotiabankDowngradesOutperformSector Perform
Apr 2021MKM PartnersUpgradesNeutralBuy

View More Analyst Ratings for OXY
View the Latest Analyst Ratings


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