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Occidental Petroleum cut to rare underweight rating at J.P. Morgan – MarketWatch

Large ‘debt maturity wall’ a concern given oil price needed for breakeven free cash flow was worse than expected

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Occidental Petroleum Corp.s stock fell Wednesday after it got a rare bearish rating from J.P. Morgan analyst Phil Gresh, who cited concerns over the oil price needed to cover capital expenditures.Gresh downgraded the oil and natural gas exploration and production company
OXY,
-3.87%
to underweight, reversing his upgrade to neutral just four months ago. Only 14% of the companies covered by J.P. Morgan are rated underweight, while six of the 26 analysts surveyed by FactSet rate Occidental the equivalent…

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