Mizuho Securities Starts Occidental Petroleum (OXY) at Buy

October 5, 2016 4:04 PM EDT
Get Alerts OXY Hot Sheet
Price: $73.91 -0.7%

Rating Summary:
    13 Buy, 14 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 27 | New: 7
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Mizuho Securities initiates coverage on Occidental Petroleum (NYSE: OXY) with a Buy rating and a price target of $83.00.

Analyst Timothy Rezvan commented, "With a balance sheet stronger than most majors, a vast footprint across the premier U.S. oil shale basin, and a portfolio that could benefit from likely declining mega-project spending after 2016, Occidental looks to be a compelling lower beta oil play offering a strong yield (4.1%) and dividend visibility. Capital freed up from other projects in '17 and beyond can continue Permian Basin development, the likely driver of the company's future production growth."

For an analyst ratings summary and ratings history on Occidental Petroleum click here. For more ratings news on Occidental Petroleum click here.

Shares of Occidental Petroleum closed at $72.65 yesterday.

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