NEW YORK (TheStreet) -- Shares of Occidental Petroleum Corp. (OXY) closed down -0.54% to $102.24 after its effort to raise as much as $8 billion by selling a stake in its Middle Eastern business has ended without a deal, sources told Bloomberg.
Occidental had been trying to sell 40% of the operations to a group comprising the governments of Oman, Abu Dhabi, and Qatar to raise cash for drilling and share buybacks, Bloomberg said.
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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."