Analyst: ‘Unloved’ Oil & Gas E&P is ‘Premier Permian Growth Story’

A Raymond James report made the case for revising its rating on this energy company.

In an Oct. 22 research note, analyst Pavel Molchanov reported that Raymond James upgraded its rating on Occidental Petroleum Corp. (OXY:NYSE) to Strong Buy from Outperform to reflect the oil and gas company’s “unwarranted” stock underperformance against the backdrop of higher oil price forecasts.

Year to date, “unloved” Occidental is down 2%, whereas the oil and gas exploration and development sector overall is up 8%. “This underperformance has widened the dividend yield to 4.3% while erasing the stock’s traditional valuation premium,” Molchanov highlighted…

 

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