NewsOccidental Petroleum "outperform," target price reduced
31.01.08 - Credit Suisse
NEW YORK, January 31 (newratings.com) - Analysts at Credit Suisse maintain their "outperform" rating on Occidental Petroleum Corp (OXY), while reducing their estimates for the company. The target price has been reduced from $78 to $77.
In a research note published yesterday, the analysts mention that despite Occidental Petroleum?s operational performance with respect to production and costs being weaker than anticipated in 4Q, the results exhibit financial strength of the company?s business model. Occidental Petroleum?s disappointing volume guidance for 2008 primarily reflects the Libya contract renegotiation and the impact of high oil prices on PSC volumes, the analysts add. The EPS estimate for 2008 has been reduced from $5.34 to $5.03.