UPDATE: Tudor Pickering Downgrades Occidental Petroleum (OXY) to Sell

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(Updated - November 11, 2019 8:23 AM EST)

(updated comment)

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)."

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 $39.50 yesterday.

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