Analysts at Wall Street Access reiterate their "hold" rating on Occidental Petroleum , while raising their estimates for the company. The target price has been raised from $65 to $70.
In a research note published this morning, the analysts mention that the company has reported its quarter EPS from continuing operations ahead of the estimates. Occidental Petroleum’s chemicals segment earnings were higher than expected and corporate expenses were lower than expected, the analysts say. The company is bidding against many larger integrated companies in the UAE to obtain the development right for the 30 trillion cubic feet Shah and Bab fields, Wall Street Access adds. The WTI grade oil price estimates for 2007, 2008 and 2009 have been revised to $70 per barrel, $63 per barrel and $60 per barrel, respectively. The GAAP EPS estimate for 2007 has been raised from $5.45 to $6.15.
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