Zacks Investment Research downgraded shares of Occidental Petroleum Corporation (OXY) from NEUTRAL to UNDERPERFORM on November 20, 2014, with a target price of $78.00.
We have downgraded our recommendation on Occidental Petroleum Corporation to Underperform from Neutral, primarily due to fluctuating crude oil prices. Higher crude oil production in the U.S. resulting in a supply glut thereby creating a downward pressure on crude prices. In addition, winter is expected to be much less severe in 2014 than the prior year, which is expected to reduce the consumption of natural gas, heating oil and electricity during the winter. In addition, stringent government regulations and intensifying competition might adversely impact Occidental Petroleum's future performance. In third-quarter 2014, the company's earnings and revenues missed the Zacks Consensus Estimate and decreased from the prior-year figures, primarily due to lower realized prices of the products sold and reduction in sales volume.
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