Occidental Reaches 52-Week High - Analyst Blog
21 Maggio 2013 - 6:40PM
Zacks
On May 20, 2013, the shares of
Occidental Petroleum Corporation (OXY) climbed to
its 52-week high of $93.74 primarily driven by robust performance
in the first quarter of 2013. The company’s performance is based on
strong results by its domestic operations and rise in domestic
natural gas prices. Its marketing and trading operations also
contributed significantly in the first-quarter.
Occidental Petroleum also implemented several cost-cutting
measures, including reduction of domestic wells to manage higher
international operating expenses from its planned maintenance
turnarounds in Qatar.
The company is an organization with higher operating efficiencies
and stable capital investment programs. In the forthcoming
quarters, we expect steady production growth from its diversified
asset-base located at different regions, which would lead to
improved operating results.
During the first three months of 2013, Occidental Petroleum’s cash
from operations were $2.7 billion. Strong financial position allows
the company to follow steady growth strategy.
Occidental Petroleum’s projects are not only limited in the U.S.,
the company also continues to strengthen its footprint in the
Middle East as well as North Africa through acquisitions and joint
ventures. We believe steady progress at the Al Hosn gas project in
Abu Dhabi and development at the Russian Creek will likely boost
the company’s future performance.
Going forward, we expect incremental dividend payments to make the
stock more attractive for the investors.
Occidental Petroleum currently has a Zacks Rank #3 (Hold). Apart
from the company, other stocks in the sector that are worth
considering include EPL Oil & Gas, Inc. (EPL)
and Sandridge Mississippian Trust II (SDR) with a
Zacks Rank #1 (Strong Buy) and Braskem S.A. (BAK)
with a Zacks Rank #2 (Buy).
BRASKEM SA (BAK): Free Stock Analysis Report
EPL OIL&GAS INC (EPL): Free Stock Analysis Report
OCCIDENTAL PET (OXY): Free Stock Analysis Report
SANDRDG MS T II (SDR): Free Stock Analysis Report
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