UPDATE: Tudor Pickering Downgrades Occidental Petroleum (OXY) to Sell
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(Updated - November 11, 2019 8:23 AM EST)
Tudor Pickering analyst Matthew Portillo downgraded Occidental Petroleum (NYSE: OXY) from Hold to Sell with a price target of $36.00.
The analyst comments "We are downgrading OXY to Sell as the overwhelming amount of debt / preferred equity issued to guarantee the winning bid for APC has put the balance sheet in an extremely uncomfortable position ($45B unconsolidated net debt including the preferred, 43% consolidated debt to cap)."
Shares of Occidental Petroleum closed at $39.50 yesterday.
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