Barclays maintains an 'Equalweight' Occidental Petroleum (NYSE: OXY); Ran Cash Flow Deficit Since the '10 - Yet Production Gains Modest

Barclays maintains an 'Equalweight' on Occidental Petroleum (NYSE: OXY) price target raised from $82 to $89.

Barclays analyst says, "Occidental's results highlight a dramatic shift toward the US - especially toward California and the Permian and Williston Basins. The US accounted for ~59% of OXY's volumes in Q3 - compared to the roughly 50% that OXY projected in its May'10 analyst day. Acquisitions of ~$9 billion that have been directed toward the US and increased US-directed cap-ex (~70% of 2011 spending vs. our 50% expectation) has pushed US volumes ~ 5% above our previous forecast. Continued strong US spending is likely."

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 $95.66 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
• Rockwell Automation (ROK) PT Lowered to $490 at DA Davidson
• Barclays reports U.S. hotel revenue per room up 8.2% in July