Occidental Petroleum "equal weight," target price raised

18.12.07 - Lehman Brothers

NEW YORK, December 18 (newratings.com) - Analyst Thomas R Driscoll of Lehman Brothers maintains his "equal weight" rating on Occidental Petroleum (OXY), while raising his estimates for the company. The target price has been raised from $64 to $66.

In a research note published this morning, the analyst mentions that the company has acquired 92 mmboe of proved reserves in the Permian and Piceance basins for $17 per boe. The WTI price estimates have been raised for 2008 and 2009 from $70 to $80 and from $65 to $70, respectively. The EPS estimates for 2007 and 2008 have been raised from $5.05 to $5.40 and from $4.80 to $6.05, respectively.