Occidental Rises as Goldman Upgrades on Valuation, Debt Profile [TheStreet.com]
Occidental Petroleum Corporation (OXY)
Last occidental petroleum corporation earnings: 2/27 04:13 pm
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Source: TheStreet.com
Occidental Petroleum(OXYGet ReportThe stock's weakness since Occidental unveiled the acquisition of Anadarko Petroleum in April 2019 has been holding it back against peers."Given our bullish commodity-price expectations in 2021/22, we believe OXY should benefit from free-cash-flow-driven net debt reduction," said analyst Neil Mehta.The analyst notes that OXY shares have underperformed theXOPShares of Occidental Petroleum at last check were up 2.1% at $25.83. Goldman's Mehta affirmed a price target of $31 a share.The company's debt obligations following its$55 billion purchase of AnadarkoOccidental's net debt was $34 billion at the end of 2020."We see a combination of higher prices for OXY’s basic chemical business, specifically caustic soda and PVC," Mehta said. "Disruptions on the Gulf Coast in 1Q and strong US/China demand will likely keep prices elevated in the near-medium term."Goldman sees potential for "favorable earnings revision" thanks to Brent crude prices rallying to $70 pe
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News
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OXY
Earnings
- 2/14/24 - In-Line
OXY
Sec Filings
- 4/17/24 - Form PX14A6G
- 4/10/24 - Form 8-K
- 3/21/24 - Form 4
- OXY's page on the SEC website