Occidental Petroleum "buy," price objective raised - update

22.05.07 - A.G. Edwards & Sons

NEW YORK, May 22 (newratings.com) - Analysts at AG Edwards reiterate their "buy" rating on Occidental Petroleum Corp (OXY), while raising their estimates for the company. The 12-month price objective has been raised from $55 to $68.

In a research note published this morning, the analysts mention that the company?s production growth is likely to average 5%-10% per annum until end-2010, aided by the Dolphin project. The upward revision in the price objective reflects Occidental Petroleum?s robust growth potential, continued sector revaluation and top tier upstream financial/operating performance, the analysts add. The EPS estimate for 2007 has been raised from $4.20 to $4.25.