Raymond James analyst John Freeman lowered the firm’s price target on Occidental Petroleum to $70 from $84 and keeps an Outperform rating on the shares. CrownRock denotes the company’s largest transaction since 2019’s purchase of Anadarko, further bolstering Occidental’s Midland Basin foothold, the analyst tells investors in a research note. Following the deal close, Occidental’s “Core + Tier 1” will more than double, significantly increasing the company’s high-return inventory runway, the firm notes.
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