Shares of Occidental Petroleum Corp. sank 3.6% toward the lowest levels seen in nearly 11 years, in the wake of closing of the $38 billion deal to buy Anadarko Petroleum on Thursday. Following the closing of the deal, S&P Global Ratings cut the oil and natural gas company's long-term credit rating by three notches to BBB from A, citing weaker credit measures given the debt issued to buy Anadarko. Occidental's stock is on track for the lowest close since December 2008. Meanwhile, Bank of America Merrill Lynch analyst Doug Leggate reiterated his buy rating, saying Occidental's stock represents "perhaps the best opportunity amongst the U.S. oils," given yield, value and execution visibility. He raises his stock price target to $80, which is 76% above current levels, from $78. "[I]n our view, few can claim a free cash flow yield of 12% with line of sight to return its entire market value to investors through a combination of dividends, debt reduction and eventually share buy backs over the next 5-6 years," Leggate wrote in a note to clients. Separately, the stock has an implied dividend yield of 6.95%, compared with the implied yields for the SPDR Energy Select Sector ETF of 3.63% and for the S&P 500 of 2.01%.