Barclays Maintains an 'Equalweight' Occidental Petroleum (OXY); Mediocre 2Q; Shares Trade at 20% Premium

Barclays maintains an 'Equalweight' on�Occidental Petroleum (NYSE: OXY) price target lowered $3 to $104.

Barclays analyst says, "The current 20% valuation premium relative to peers seems excessive to us in light of expected 4th quartile annual debt-adjusted per share growth in 2010-11. We expect shares to underperform in the next several months."

"Core 2Q EPS of $2.23 beat both our and consensus estimates by 3-4%. The beat relative to our forecast is due to stronger Midstream and Chemicals earnings and lower tax rate. Production volumes disappointed."

For more ratings news on Occidental Petroleum click here and for the rating history of Occidental Petroleum click here.

Shares of Occidental Petroleum closed at $104.83 yesterday.

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