Thursday, October 21, 2010

Occidental Petroleum (NYSE:OXY) Downgraded by Credit Suisse (NYSE:CS)

Credit Suisse (NYSE:CS) lowered its rating on Occidental Petroleum (NYSE:OXY) from "Outperform" to "Neutral," as the company has enjoyed a 29 percent increase in net profit in its latest quarter.

Production soared in the quarter, which in addition to the higher price of oil, increased earnings per share to $1.47, handily beatings analysts' estimates of close to $1.35 a share.

Some analysts believe Occidental will be able to keep up their torrid pace.

The majority of growth for the quarter was in the Middle East/north Africa.

Occidently pulled back to $80.97 on Wednesday, losing $0.23, or 0.28 percent. Credit Suisse lowered their price target from $92 to $89 on them.

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