Occidental Petroleum Could Offer 'Minimal Shareholder Return': Analyst
Portfolio Pulse from Priya Nigam
Occidental Petroleum (NYSE:OXY) has been downgraded by Truist Securities from Buy to Hold, with a price target cut from $84 to $69. The downgrade is due to the expected minimal shareholder return in upcoming quarters as the company focuses on debt reduction. The CrownRock acquisition, while adding quality inventory, is seen as less accretive than other recent deals.
May 16, 2024 | 4:27 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Occidental Petroleum has been downgraded by Truist Securities from Buy to Hold, with a price target reduction from $84 to $69. The downgrade is due to expected minimal shareholder returns as the company focuses on reducing debt.
The downgrade from Buy to Hold and the significant reduction in the price target from $84 to $69 indicate a negative outlook for Occidental Petroleum in the short term. The focus on debt reduction over shareholder returns further supports this negative sentiment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100