UPDATE: MKM Partners Upgrades Occidental Petroleum (OXY) to Buy on Valuation
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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)."
Shares of Occidental Petroleum closed at $24.94 yesterday.
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