Occidental Petroleum upgraded to "buy"

10.09.07 - Deutsche Securities

NEW YORK, September 10 (newratings.com) - Analyst Paul Sankey of Deutsche Bank Securities upgrades Occidental Petroleum (OXY) from "hold" to "buy." The target price has been raised from $62 to $72.

In a research note published on August 7, the analyst mentions that the company is benefiting significantly from the environment of high oil and low natural gas prices. Occidental Petroleum has indicated that the estimates for the returns, earnings and overall value related to the Dolphin project may be too low. The company is likely to announce a major project in the Middle East by October 4, the analyst says.