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OXY

Occidental Petroleum

$52.03

-0.28 (-0.54%)

13:46
07/22/19
07/22
13:46
07/22/19
13:46

Icahn calls recent actions by Occidental Petroleum board 'reprehensible'

In an open letter to Occidental Petroleum shareholders, Carl Icahn said, "We own over 33 million shares of Occidental Petroleum and we believe what recently happened in the OXY Boardroom is reprehensible. In over 50 years on Wall Street I have seen many management teams and boards callously disregard stockholder rights to protect their jobs, and in some cases, build corporate empires at the expense of shareholders, but I have only rarely seen a situation such as the one at Occidental, where the Board and Vicki Hollub, OXY's President and CEO, entered into an extremely risky transformational merger, without a stockholder vote...OXY has lost over $12 billion in market value since its interest in buying Anadarko was first reported...No management or board should be scrambling around to prevent a stockholder vote on a dangerous transformational transaction, but what makes OXY's actions even worse is management's egregious track record....We have commenced the process to remove and replace directors. It will be a long and expensive process for us, which is fine, insofar as we are concerned. But what is not fine, is how difficult this Board is making it for you to simply 'cast your vote.' Occidental's corporate governance regime empowers and entrenches management and the Board at the expense of stockholder rights. It is anything but stockholder democracy." Reference Link

  • 01

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OXY Occidental Petroleum
$52.03

-0.28 (-0.54%)

06/14/19
MZHO
06/14/19
INITIATION
Target $34
MZHO
Buy
Western Gas Partners initiated with a Buy at Mizuho
Mizuho analyst Gabriel Moreen started Western Gas Partners (WES) with a Buy rating and $34 price target. The analyst's base case scenario is for Occidental Petroleum (OXY) to divest most or all of Anadarko's (APC) 55.5% ownership of Western Gas Partners common units. However, there is no reason Western Gas "cannot succeed on its own two feet," Moreen tells investors in a research note. The analyst sees visibility to "attractive" distribution growth through 2022.
06/24/19
MSCO
06/24/19
DOWNGRADE
MSCO
Equal Weight
Occidental Petroleum downgraded to Equal Weight from Overweight at Morgan Stanley
06/24/19
MSCO
06/24/19
DOWNGRADE
Target $55
MSCO
Equal Weight
Occidental Petroleum downgraded to Equal Weight at Morgan Stanley
As previously reported, Morgan Stanley downgraded Occidental Petroleum (OXY) to Equal Weight from Overweight. Analyst Devin McDermott believes covering the 2020 dividend at current oil prices will require meaningful capital expenditure cuts, even though the Anadarko (APC) deal looks accretive to cash flow. Oil price volatility presents a key risk given that the company's pro forma leverage is among the highest of any company he covers, said McDermott, who cut his price target on Occidental shares to $55 from $69.
06/24/19
06/24/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Sonoco (SON) downgraded to Sell from Neutral at Goldman Sachs with analyst Brian Maguire citing valuation. 2. Occidental Petroleum (OXY) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Devin McDermott saying he believes covering the 2020 dividend at current oil prices will require meaningful capital expenditure cuts, even though the Anadarko (APC) deal looks accretive to cash flow. 3. International Paper (IP) downgraded to Equal Weight from Overweight at Stephens with analyst Mark Connelly saying RISI decided to cut the price of containerboard $10 "just three days after investors breathed a sigh of relief on encouraging supply-demand fundamentals." 4. Shopify (SHOP) downgraded to Neutral from Buy at Roth Capital with analyst Darren Aftahi saying he remains positive on its underlying business prospects following the company's Unite conference and investor day but not on the stock's valuation, which has increased in the wake of the event. 5. Spotify (SPOT) downgraded to Underperform from In Line at Evercore ISI with analyst Kevin Rippey saying the recent rally in the stock "reflects an overly optimistic view" on the company's gross margin path and potential label negotiation outcomes. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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AA

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VRSK

Verisk Analytics

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T

AT&T

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SFTBY

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PWR

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PTEN

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ESE

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  • 24

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CSGP

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