Truist downgraded Occidental Petroleum to Hold from Buy with a price target of $69, down from $84. The firm forecasts Occidental to have “solid” second half production upside and believes the CrownRock deal should close this quarter. However, the firm forecasts minimal shareholder return in the coming quarters as Occidental uses the majority of free cash flow, along with proceeds from $4.5B-$6.0B divestiture program, to reduce debt to under $15B.
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