Goldman (NYSE:GS) Bullish on Occidental Petroleum (NYSE:OXY)

Goldman Sachs (NYSE:GS) continues to be high on Occidental Petroleum (NYSE:OXY), citing a number of recent moves they've made to enhance the company.

Specifically noted was "the acquisition of largely undeveloped acreage in the promising Bakken (North Dakota) oil play from a private company; the acquisition of mature, conventional natural gas properties in South Texas from Royal Dutch Shell; the acquisition of additional interests in two mid-stream holdings; and the sale of its Argentina oil and gas assets to Sinopec."

In response to the deals, Goldman raised their 2011-2015 EPS estimates from $9.30/$12.85/$11.35/$13.20/ $15.25 to $9.40/ $13.45/$11.95/$13.95/$16.10.

Occidental Petroleum also announced they're going to increase their quarterly common dividend by 21%.

Goldman reiterates their "Conviction Buy" on Occidental, which was trading at $94.18, up $0.08, or 0.09 percent, as of 12:07 PM EST.