Truist lowered the firm’s price target on Occidental Petroleum to $78 from $80 and keeps a Buy rating on the shares. Occidental announced the $12B acquisition of CrownRock, and while Truist considers the private company’s acreage as some of the very best in the market, valuation and total locations will be the key questions around this deal, the analyst tells investors in a research note.
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Read More on OXY:
- M & A News: Occidental (NYSE:OXY) to Acquire CrownRock in $12B Power Move
- Occidental to reduce debt principal by at least $4.5B within 12 months
- Occidental to Acquire CrownRock, Strengthening its U.S. Onshore Portfolio with Premier Permian Basin Assets
- Occidental intends to increase quarterly dividend by 4c to 22c per share
- Occidental to acquire CrownRock in deal valued at $12B in cash and stock