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Fly News Breaks for February 19, 2019
OXY
Feb 19, 2019 | 08:21 EDT
As previously reported, Citi analyst Robert Morris downgraded Occidental Petroleum to Neutral from Buy, citing the slowdown in drilling/completion activity in the Permian Basin and the anticipation of expanded Permian pipeline takeaway capacity in the coming quarters. The company's Q1 midstream net income guidance came in much lower than expected and he has lowered his midstream net income view to $495M from $1.1B. Given the lower midstream outlook, Morris cut his price target on Occidental Petroleum shares to $72 from $80.