Wolfe downgrades Occidental Petroleum with greater returns elsewhere

Wolfe Research downgraded Occidental Petroleum last night to Peer Perform from Outperform without a price target. Occidental maintains operational momentum and its recent financing partnerships are positive, but over the next 12 months peers with greater shareholder returns momentum will outperform, the analyst tells investors in a research note. The firm says the company’s total return of capital is decelerating faster than peers.