Occidental Petroleum "overweight," target price reduced

08.06.06 - Prudential Financial

NEW YORK, June 8 (newratings.com) - Analyst Jason D Gammel of Prudential Financial reiterates his "overweight" rating on Occidental Petroleum (OXY), while raising his estimates for the company. The target price has been reduced from $115 to $110.

In a research note published this morning, the analyst mentions that the company?s estimates have been raised to reflect rising oil prices and higher. The EPS estimates for 2006 and 2007 have been raised from $10.95 to $11.55 and from $10.00 to $11.25, respectively.