Occidental Petroleum (OXY.US) stock jumped over 5 % after a SunTrust analyst upgraded the energy company to “buy” from “hold.” Stock's price target has been lifted from $13 a share to $25 per share. “We believe Occidental is in position to continue improving its balance sheet through internal and external means,” SunTrust said.
Occidental Petroleum is largest oil producer in the Permian Basin. The company reported positive free cash flow even during the first quarter. Company generated $1.339 billion in cash flow from operations, while capital expenditure spending came just below $1.293 billion. Occidental made $46 million in free cash flow. This shows that Occidental has very strong cash flow producing assets.
Occidental Petroleum is largest oil producer in the Permian Basin. The company reported positive free cash flow even during the first quarter. Company generated $1.339 billion in cash flow from operations, while capital expenditure spending came just below $1.293 billion. Occidental made $46 million in free cash flow. This shows that Occidental has very strong cash flow producing assets.
Occidental Petroleum (OXY.US) - price is testing local resistance at $20.86 per share. If buyers will manage to broke above, then upward impulse toward $22.39 could be launched. However, if market sentiment changes, then level at $18.62 may provide some support. Source: xStation5
