Will This Coverage Initiation Help Occidental Petroleum (OXY) Stock Today?

NEW YORK (TheStreet) -- Occidental Petroleum Corp. (OXY) had coverage initiated this morning at Jefferies (JEF) with a "buy" rating and a $114 price target.

"Oxy is undergoing what is in our view the most significant restructuring in the large-cap oil and gas sector that includes: divesting non-core assets that could generate proceeds of near $7 billion; spinning out its California operations into a newly listed company; and utilizing proceeds from these transactions to reduce the equity base by at least 14%, " the firm said in a note.

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Separately, TheStreet Ratings team rates OCCIDENTAL PETROLEUM CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate OCCIDENTAL PETROLEUM CORP (OXY) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, expanding profit margins, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. We feel these strengths outweigh the fact that the company shows weak operating cash flow."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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