Occidental price target lowered to $38 from $40 at Evercore ISI

Evercore ISI lowered the firm’s price target on Occidental (OXY) to $38 from $40 and keeps an Underperform rating on the shares. Declaring victory on the $15B debt target “clearly came at a price” as Occidental divested a recurring revenue business in the midst of a growth program, the analyst tells investors. While noting that Occidental is one of the few larger E&Ps with asset depth both in the domestic onshore and internationally, the firm’s “central concern” is a capital structure that it sees muting “common holders’ ability to participate in potential commodity upside,” the analyst tells investors.