New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
April 30, 2013
10:31 EDTOXYOccidental Petroleum edges up after analyst applauds CEO plan
Occidental Petroleum's stock is advancing slightly after the company announced that its current CEO, Steve Chazen, would remain in the position through the end of 2014. WHAT'S NEW: Occidental announced that Chazen would remain in the top spot until the end of 2014. In February, Occidental had said that it was initiating a search for a replacement for Chazen. The company indicated that investors had pushed the company to retain Chazen as CEO for an extended period. Chazen was promoted to CEO from COO in 2010. ANALYST REACTION: In a note to investors, Deutsche Bank analyst Paul Sankey wrote that Occidental's decision was "very positive." Sankey upgraded the stock to Buy from Hold, as he believes that the move clears the way for the company to "shrink to grow," i.e. spin off businesses. Spinning off businesses would facilitate major share buybacks and makes sense in the current high oil price environment, the analyst wrote. Sankey increased his price target on the stock to $112 from $90. TODAY'S PRICE ACTION: In mid-morning trading, Occidental gained 0.6% to $88.40.
News For OXY From The Last 14 Days
Check below for free stories on OXY the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
September 17, 2014
12:42 EDTOXYOccidental in discussions to sell Dolphin Energy stake to Mubadala, WSJ says
Occidental Petroleum is in discussions to sell at least 20% of its 24.5% stake in Dolphin Energy to Mubadala, The Wall Street Journal reports, citing people familiar with the matter. Occidental could complete the sale before the end of the year, and Mubadala is eager to do the deal and they may want to buy Occidental's entire stake, the people added. Occidental is also in discussions to sell up to 30% of its stake in the Shah natural gas project to Mubadala. Reference Link
September 16, 2014
09:59 EDTOXYOn The Fly: Analyst Downgrade Summary
Subscribe for More Information
05:36 EDTOXYOccidental Petroleum downgraded to Equal Weight from Overweight at Barclays
Barclays downgraded Occidental Petroleum to Equal Weight saying the company's restructuring could disappoint. The firm believes Occidental's U.S. onshore assets are unlikely to attract a premium and it lowered its price target for shares to $109 from $117.
September 15, 2014
13:51 EDTOXYOccidental chemical unit to pay $190M in Passaic River cleanup, Bloomberg says
According to New Jersey state officials, Occidental Petroleum's chemical unit agreed to pay $190M to cover its liability in the cleanup of industrial contamination in the Passaic River in New Jersey, says Bloomberg Businessweek. Reference Link

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use