Deutsche Bank Downgrades Occidental Petroleum (OXY) to Hold
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Deutsche Bank downgraded Occidental Petroleum (NYSE: OXY) from Buy to Hold. Analyst Ryan Todd sees limited drivers of outperformance.
"We downgrade OXY to HOLD based on the company's limited ability to accelerate oil volume growth in a more moderately priced environment ($40$55/bbl). OXY's Permian asset base, top-tier balance sheet (24% ND/Cap) and cash position (~$4bn)provide the company significant flexibility, but its rich valuation and limited ability to accelerate oil volume growth in the mediumterm are headwinds to value acceleration. We adjust OXY estimates to update for the Q2 results," said Todd.
Shares of Occidental Petroleum closed at $74.25 yesterday.
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