Wells Fargo Starts Occidental Petroleum (OXY) at Market Perform

Wells Fargo initiates coverage on Occidental Petroleum (NYSE: OXY) with a Market Perform rating and $75-$83 valuation range.

The firm comments, "We have initiated coverage of Occidental Petroleum Corp. (OXY) with a Market Perform rating and a valuation range of $75-$83. Our rating reflects our view that achieving growth in the face of cost-control efforts will be difficult to achieve. Occidental is also pursuing an aggressive growth-oriented capital expenditure effort throughout 2013 but with little near-term payoff that may try investors' patience. We value Occidental on a P/E basis of 10-11x our 2014 EPS estimate of $7.50. This approach is consistent with peer valuations."

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 $76.26 yesterday.

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