February 19, 2013 at 08:19 AM EST
Sterne Agee Reaffirms “Buy” Rating on Occidental Petroleum on Potential CEO Succession Plan (OXY)

Late on Friday, analysts at Sterne Agee reiterated a bullish rating on Occidental Petroleum Corporation (OXY) after reports of a formal succession plan following the tenure of CEO Stephen Chazen.

The analysts maintain a “Buy” rating on OXY with a price target of $97. This valuation suggests a 14.5% upside from Friday’s closing price of $84.71.

A Sterne Agee analyst noted, “Press reports have quickly emerged with theories regarding the Occidental Board’s announcement yesterday regarding a formal succession plan for CEO Stephen Chazen. We believe today’s muted reaction in the marketplace is warranted, given the context of yesterday’s release. Based on Mr. Chazen’s age (66), we expected to hear news on succession plans sooner rather than later, and we do not view this news as negative to our investment thesis.”

Occidental Petroleum shares were inactive during pre-market trading on Tuesday. The stock is down -18.49% over the past twelve months.

The Bottom Line
Shares of Occidental Petroleum (OXY) have a dividend yield of 3.02% based on Friday’s closing price of $84.71 and the company’s annualized dividend payout of $2.56 per share.

Occidental Petroleum Corporation (OXY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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