Fly News Breaks for August 12, 2019
Aug 12, 2019 | 08:25 EDT
Evercore ISI analyst Doug Terreson downgraded Occidental Petroleum to In-Line from Outperform without a price target after resuming coverage of the name. The company's "pledge" for greater capital discipline and enhanced corporate governance "proved fleeting" with the significant decline in return on capital employed due to the Anadarko acquisition, Terreson tells investors in a research note. The purchase of Anadarko makes Occidental larger but "significantly less valuable," contends the analyst. He says the deal "destroyed value" and is 30% dilutive to return on capital employed. As such, Terreson finds Occidental shares fairly valued at current levels.
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