Barclays analyst Betty Jiang keeps an Equal Weight rating on Occidental (OXY) with a $48 price target following reports that the company is in in advanced talks to divest its chemical business for at least $10B. The potential divestment would accelerate Occidental’s balance sheet normalization and position the company to increase cash returns, the analyst tells investors in a research note.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on OXY:
- Occidental Petroleum Eyes $10B OxyChem Sale to Reduce Debt Load
- Occidental in discussions to sell OxyChem unit for $10B, FT says
- Occidental price target lowered to $58 from $65 at Mizuho
- Occidental price target raised to $46 from $45 at UBS
- CVX, OXY, FANG: U.S. Oil Production Hit a Record High in June