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.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on OXY:
- Buffett’s Berkshire Brings the Secret Stock to Light: Chubb
- Occidental Petroleum price target raised to $73 from $72 at JPMorgan
- Occidental Petroleum price target raised to $76 from $71 at Mizuho
- Occidental Petroleum price target lowered to $68 from $70 at Wells Fargo
- Occidental Petroleum price target raised to $71 from $70 at Mizuho