Occidental Petroleum (OXY) Dives Into Carbon Recapture - Morgan Stanley

March 25, 2022 7:48 AM EDT
Get Alerts OXY Hot Sheet
Price: $70.28 -1.18%

Rating Summary:
    13 Buy, 24 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 5 | New: 0
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Morgan Stanley analyst Devin McDermott reiterated an Equalweight rating and $52.00 price target on Occidental Petroleum (NYSE: OXY) after the company provided a deep dive into its Low Carbon business, a decarbonization platform that is synergistic with legacy operations and offers attractive long-term growth.

The analyst stated "OXY has decades of experience handling and sequestering CO2 as part of its enhanced oil recovery (EOR) business. This makes the company uniquely positioned to reduce emissions through commercial carbon capture opportunities that are not only synergistic with existing operations, but also offer attractive new growth opportunities." He went on to comment "the company hosted an event in Houston to dive deeper into this emerging business opportunity for the first time. While developing new technologies and businesses at scale comes with risk on execution, returns, and capex needs, we believe management's strategy is well thought out. While we do not yet reflect value for LCV in our price target, with successful execution we believe it could become a meaningful source of incremental value creation overtime."

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 $57.75 yesterday.

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