Credit Suisse Thinks Occidental Petroleum’s Stock is Going to Recover

By Carrie Williams

In a report released yesterday, Edward Westlake from Credit Suisse maintained a Buy rating on Occidental Petroleum (NYSE: OXY), with a price target of $80. The company’s shares closed yesterday at $60.64, close to its 52-week low of $57.20.

According to TipRanks.com, Westlake is a 4-star analyst with an average return of 9.5% and a 57.1% success rate. Westlake covers the Basic Materials sector, focusing on stocks such as Calumet Specialty Products, Oil States International, and Continental Resources.

Occidental Petroleum has an analyst consensus of Moderate Buy, with a price target consensus of $67.67.

The company has a one year high of $78.48 and a one year low of $57.20. Currently, Occidental Petroleum has an average volume of 5.16M.

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Occidental Petroleum Corp. operates as an international oil and gas exploration company. It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas. The Chemical segment manufactures and markets basic chemicals and vinyls. The Midstream and Marketing segment gathers processes, transports, stores, purchases and markets oil, condensate, NGLs, natural gas, carbon dioxide and power. It also trades around its assets, including transportation and storage capacity. The company was founded in 1920 and is headquartered in Houston, TX.