Mizuho Securities Starts Occidental Petroleum (OXY) at Buy
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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."
Shares of Occidental Petroleum closed at $72.65 yesterday.
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