Occidental Petroleum (OXY) Receives a Buy from Mizuho Securities


In a report released yesterday, Paul Sankey from Mizuho Securities maintained a Buy rating on Occidental Petroleum (OXY), with a price target of $82. The company’s shares opened today at $66.13.

Sankey wrote:

“We sympathise. Stronger dividend growth ahead? – Cash return growth, ideally via consistent and sustainable dividend growth, is key to our Renaissance thesis, and OXY is best-positioned among US E&P’s to deliver this dividend growth. In its slide deck, OXY highlights a cash return target of “greater than $3.1Bn” in 2019. We think the company signals capacity for stronger dividend growth, and certainly want a much stronger effort than the nominal 1c/quarter of the past two years. We will be looking for additional detail on the call. Unconventional EOR – Demonstrating unconventional EOR commercial success in 2019 is a key to delivering on OXY’s 2022 $9.0Bn operating cash flow target. Expect the company to better define the opportunity set for enhanced recovery opportunities in Permian unconventional on the call.”

According to TipRanks.com, Sankey is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -5.1% and a 33.3% success rate. Sankey covers the Basic Materials sector, focusing on stocks such as Marathon Petroleum Corporation, Continental Resources, and Anadarko Petroleum.

Currently, the analyst consensus on Occidental Petroleum is a Strong Buy with an average price target of $83.22.

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Based on Occidental Petroleum’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $5.18 billion and net profit of $1.86 billion. In comparison, last year the company earned revenue of $3.48 billion and had a net profit of $495 million.

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Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas.

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