Sterne Agee Reaffirms "Buy" Rating on Occidental Petroleum (OXY)

Sterne Agee Reaffirms “Buy” Rating on Occidental Petroleum (OXY)

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Sterne Agee has reiterated a “Buy” rating for oil and gas company, Occidental Petroleum Corporation (OXY).

The firm has maintained a “Buy” rating and a $97 price target for OXY. This price target suggests a 18% increase from the stock’s current price of $79.10.

Analyst Tim Rezvan commented, “in an updated investor presentation at a competitor conference this week, Occidental provided a 1Q13 operations update in which it trimmed its international production outlook, driven by events in several regions. The update adversely impacts 1Q13 earnings, it does not materially change our long-term view on the stock. We trim estimates, but maintain our Buy rating and $97 PT, given our belief that the company’s 3.3% dividend yield should provide a floor on shares in the low/mid $70′s.”

Occidental Petroleum shares were up 44 cents, or 0.56% during premarket trading Monday. The stock has declined -19% in the past year.

The Bottom Line
Shares of Occidental Petroleum Corporation (OXY) have a 3.25% yield, based on Friday’s closing price of $78.66.

Occidental Petroleum Corporation (OXY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 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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