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Fly News Breaks for January 13, 2020
OXY
Jan 13, 2020 | 07:14 EDT
Morgan Stanley analyst Devin McDermott upgraded Occidental Petroleum to Overweight from Equal Weight with a $59 price target, calling the stock a top pick for 2020. McDermott tells investors in a research note that after underperforming peers since the Anadarko Petroleum deal in 2019, Occidental now offers a peer-leading 7% dividend yield well covered by growing free cash flow. He sees a clear path for the stock to re-rate higher through debt reduction, synergy realization and operational improvements.