UPDATE: MKM Partners Upgrades Occidental Petroleum (OXY) to Buy on Valuation

April 14, 2021 5:37 AM EDT
Get Alerts OXY Hot Sheet
Price: $25.10 +5.86%

Rating Summary:
    11 Buy, 24 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 4 | New: 24
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(Updated - April 14, 2021 5:53 AM EDT)

MKM Partners analyst John Gerdes upgraded Occidental Petroleum (NYSE: OXY) from Neutral to Buy with a price target of $32.00.

The analyst comments "We are upgrading OXY from Neutral to Buy. Our OXY price target is unchanged. OXY has epreciated
over 20% since early March (vs. XOP down 15%-20%) and reflects approximately 30% equity value upside, thus meriting an upgrade from Neutral to Buy. Our economic analysis anticipates the midstream/marketing business is breakeven in 2022 assuming the MID-MEH spread normalizes (~$2/Bbl), and assumes the sale of the company’s Ghana assets (production ~27 Mboepd) generates ~$900 million in proceeds ($30K-$35K/Mbopd production valuation multiple)."

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 $24.94 yesterday.

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