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Occidental Petroleum (OXY) Stock Lower as JPMorgan Downgrades

NEW YORK (TheStreet) -- Shares of Occidental Petroleum (OXY) were retreating in pre-market trading on Monday after JPMorgan lowered its rating on the stock to "underweight" from "neutral."

But the firm raised its price target on shares of the Houston-based oil and gas producer to $78 from $77, noting that the company's valuation "fully reflects growth and balance sheet benefits."

"While Occidental has executed well, we feel that valuation is stretched, with a 2020E sustaining free cash flow yield of ~5.7% (group average ~7.2%), despite similar leverage," the firm noted.

JPMorgan added that potential...


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