Oppenheimer Reiterates Outperform Rating On OXY

Oppenheimer is reiterating its Outperform rating on Occidental Petroleum Corporation OXY “and are raising our price target for the stock to $125 from $105 to reflect improved earnings outlook on higher crude oil prices than our previous assumptions, as well as higher oil production growth.” “OXY is the largest E&P company with the highest dividend yield and return on average capital employed and has the strongest balance sheet in the group,” Oppenheimer writes. “OXY has one of the highest oil/liquids content in its production mix which generates one of the highest unit profits in the industry.” Occidental Petroleum Corporation closed Friday at $114.29.