This is another top energy stock that comes in as another high-yielding domestic pick in the sector. Occidental Petroleum Corp. (NYSE: OXY) announced last year it will continue to grow dividends and expects to begin buying back more shares this year and beyond, a double plus for shareholders. Analysts feel that the company still faces the rebounding oil price correction with the strongest balance sheet in the sector, with net cash at year-end 2014 they estimate at around $1.7 billion, and a whopping $11 per share of cash available for buy backs. With chemicals and other products helping to blunt the drop in oil, Occidental is well positioned to ride out the storm.
Short sellers, which had been leaning into the stock during the oil price decline, have started to get out as prices have poked back through $60 a barrel — way above of the low $40s hit back in January.
This is another company taking advantage of huge cost savings. In fact, capital expenditures are expected to fall from $1.7 billion to $1 billion by the end of the year.
Occidental shareholders are paid an outstanding 3.9% dividend. Deutsche Bank raises the stock to Buy from Hold, and the price target to $90 from $81. The consensus target is $85.58. The stock closed on Monday at $78.89.
The Deutsche Bank team is being careful as they look for the best values in the sector. This makes good sense as many energy stocks have run since the bottom was put in late last year and early in 2015.
By Lee Jackson
3 Specialty Pharma Stoc
Your talking a $96 billion deal. Would have to be cash and stock....who has this kind of liquidity?
Not that I don't want it to happen, but I don't know...they just announced Vicki as next CEO and Steven has mentioned (joked) in the CF that no one has enough $$$ to buy them.
Sentiment: Strong Buy
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::She began her career in 1981 with Cities Service, which was acquired by Occidental in 1982.""
I remember cities here in Bakersfield CA. Little lease in Belridge other companies encircle it. Cities bought the lease about 1 sq mile or less.
In one year they drilled 400 wells on it. Cities bought lease for 30 million drilled 400 wells and sold it to Exxon for 300 million in a little over a year...
May 5 (Reuters) - Occidental Petroleum Corp said on Tuesday that executive Vicki Hollub will replace Chief Executive Steve Chazen after "a thorough transition period."
As part of the announcement, Oxy said Hollub would be promoted immediately to senior executive vice president from vice president.
Chazen, who has been CEO since 2011, said he would help Hollub take the top job "when she is ready to take it on."
Oxy also boosted its annual dividend 4 percent on Tuesday to $3.
yes, just like they said Dow and Nasdaq would take 10 years to recover. Turned out they not only recovered within 2 years, in 3-4 years they doubled.
USA sends fleet to head off shipment. China said an attack on Iran was like an attack on China. China to spend $43 billion on highway through Pakistan. From China border to Indian ocean. Saudi Arabia asked Pakistan for troops to help in Yemen, Pakistan declined to send any help. Day 26 of war.
Sentiment: Strong Buy