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BofA adds Occidental Petro to US 1 List, removes Pioneer Natural

  • Occidental Petroleum (OXY +0.6%) is added to the US 1 List at BofA/Merrill with a $130 price target, saying OXY's combination of share repurchases, competitive debt adjusted per share growth and a prospective sector leading dividend above ~4% can drive a re-rating over the next 12 months.
  • BofA sees OXY using proceeds from asset sales for buying back as much as 13% of its outstanding shares, as well as posting another year of strong dividend growth, perhaps serving as a catalyst to bring OXY in line with other large-cap dividend stocks.
  • Pioneer Natural Resources (PXD -0.8%) is removed from the US 1 List.
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