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UPDATE: Goldman Sachs Downgrades Occidental Petroleum (OXY) to Neutral

July 11, 2022 3:16 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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(Updated - July 11, 2022 6:08 AM EDT)

Goldman Sachs analyst Neil Mehta downgraded Occidental Petroleum (NYSE: OXY) from Buy to Neutral with a price target of $70.00.

The analyst comments "We are downgrading OXY to Neutral from Buy following outperformance -- year-to-date shares are up +110% vs. the XLE up +31%. Since being added to the Buy list on May 27th, 2021, OXY is +141% vs. the XLE +43%, and the S&P 500 -7%, with the spread driven by balance sheet improvement following the rally in oil prices and greater recognition of OXY's attractive Upstream/Chemical assets. While we continue to see an attractive FCF outlook for OXY that can allow for further balance sheet improvement and greater capital returns (including higher base dividends + share repurchases), we see less differentiated FCF to current EV following the outperformance relative to peers."

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 $60.67 yesterday.


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