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Fly News Breaks for March 2, 2020
Mar 2, 2020 | 07:55 EDT
Wells Fargo analyst Sharon Lui, lowered the firm's price target on Western Midstream (WES) to $14 from $21 and keeps an Equal Weight rating on the shares. While the analyst acknowledges the better than expected Q4 results, he highlights uncertainty around Occidental Petroleum's (OXY) long-term plans, potential renegotiations of G&P rates and general negative investor sentiment regarding G&P assets/companies.
News For WES;OXY From the Last 2 Days
Jun 5, 2020 | 09:55 EDT
Notable gainers among liquid option names this morning include American Airlines (AAL) $21.72 +5.00, Occidental Petroleum (OXY) $19.52 +3.97, Macerich (MAC) $11.38 +2.02, United Continental (UAL) $46.54 +7.44, and Chesapeake (CHK) $16.70 +2.65.
Jun 4, 2020 | 14:00 EDT
Royal Dutch Shell (RDS.A) and Murphy Oil (MUR) have started to evacuate non-essential employees from the U.S. Gulf of Mexico due to the threat of Tropical Storm Cristobal, Reuters' Erwin Seba reports, citing the companies. Shell said production and drilling operations in the northern Gulf were not impacted despite the evacuations and the move comes after BP (BP), Equinor (EQNR) and Occidental Petroleum (OXY) began evacuating non-essential workers. Reference Link
Jun 4, 2020 | 07:57 EDT
KeyBanc analyst Leo Mariani said he expects "a slightly positive reaction" in Occidental Petroleum shares after the company announced that it has adopted a change in control severance plan for its executives. The adoption of the plan may lead to renewed speculation on a potential sale of the company, particularly in light of Carl Icahn's significant equity position and his board positions, contends Mariani. In pre-market trading, Occidental shares are down 11c, or 0.7%, to $15.33.
Jun 4, 2020 | 06:57 EDT
Wolfe Research analyst Josh Silverstein downgraded Occidental Petroleum to Underperform from Peer Perform with an $11 price target. The analyst believes there is positive value in the Occidental's cap structure and recommends being long the 2024 Senior notes, which he views as the best risk-adjusted upside in the debt stack.