Occidental Petroleum price target raised to $115 from $100 at Oppenheimer

theflyonthewall.com

Oppenheimer increased its price target on Occidental after meeting with the company's CEO. The CEO stated that the company could announce plans within three months to spin off its international operations and use the $20B estimated proceeds from selling a large stake in the new company to repurchase 25% of its shares outstanding, the firm reported. The company also believes that its California and Permian assets could be spun off into two separate companies, added the firm, which keeps an Outperform rating on the stock.

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