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Tuesday, June 20, 2017 7:43:20 PM
Shares of Occidental Petroleum (OXY -2%), already a big underperformer relative to oil and gas peers, could drop another ~20%, Barclays analysts contend as they reiterate their Underweight rating while cutting the price target to $48 from $50.
Count the ways Barclays does not like OXY: Shares lagged the S&P E&P Index by ~10% over the past year, OXY’s production compared to capital deployed is expected to will shrink ~17% in 2016-17, and the stock's relative multiple has expanded, making it the most expensive company the firm covers as a ratio of eneterprise value to estimated 2018 cash flow.
While some would argue that OXY is not a pure E&P company, Barclays says it has traded much like an E&P company and estimates ~70% of its value comes from E&P assets, not far below the 80-85% the firm attributes to Anadarko Petroleum (APC -0.7%) or Devon Energy (DVN -0.4%) E&P assets.
Recent OXY News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/07/2024 11:35:41 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/07/2024 11:35:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/07/2024 11:35:15 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/07/2024 11:34:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/07/2024 11:34:37 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/07/2024 11:34:23 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/07/2024 11:34:10 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/07/2024 11:33:55 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/07/2024 11:33:42 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/07/2024 08:19:49 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 08:17:25 PM
- Occidental Announces First Quarter 2024 Results • GlobeNewswire Inc. • 05/07/2024 08:15:01 PM
- U.S. Index Futures Mixed in Pre-Market Tuesday, Oil Dip • IH Market News • 05/07/2024 11:47:40 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/06/2024 09:18:44 PM
- Occidental Announces Dividend • GlobeNewswire Inc. • 05/01/2024 04:30:58 PM
- Occidental to Announce First Quarter Results Tuesday, May 7, 2024; Hold Conference Call Wednesday, May 8, 2024 • GlobeNewswire Inc. • 04/02/2024 08:15:46 PM
- 1PointFive and AT&T Announce Direct Air Capture Carbon Removal Agreement • GlobeNewswire Inc. • 03/13/2024 12:00:36 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/02/2024 02:11:49 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/02/2024 02:11:38 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/02/2024 02:11:26 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/02/2024 02:11:15 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/02/2024 02:11:04 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/02/2024 02:10:53 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/02/2024 02:10:42 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/02/2024 02:10:31 AM
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