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Occidental Petroleum Downgraded at Deutsche Bank (OXY)

By
December 3rd, 2012

Occidental Petroleum Downgraded at Deutsche Bank (OXY)

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Deutsche Bank reported on Monday that they have downgraded oil and gas producer, Occidental Petroleum Corporation(OXY).

The firm reported that they have downgraded OXY from a “Buy” to a “Hold,” and have given the company a price target of $80. This price target suggests a 6% increase over the stock’s current price of $75.21.

Occidental Petroleum shares were mostly flat during premarket trading Monday. The stock is down -19.13% YTD.

The Bottom Line
Shares of Occidental Petroleum (OXY) have a 2.87% dividend yield, based on Friday’s closing stock price of $75.21. The stock has technical support in the $69-$70 price area. If the shares can firm up, we see overhead resistance around the $77-$80 price levels.

Occidental Petroleum Corporation(OXY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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Disclaimer: Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. The author is not registered as an investment adviser. The author may or may not hold positions in the securities mentioned in this article or video. The author relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.