Occidental Petroleum (NYSE:OXY) Still Has Room to Grow

After the acquisition in the North Dakota Bakken it wasn't clear whether or not Occidental Petroleum (NYSE:OXY) was close to reaching its growth limit based on the numbers there.

Susquehanna said there's about 5,500 boepd of production now in Bakken, but may have reserves of 250 million barrels.

They said, "OXY’s new 180,000 acres in the Bakken from a private seller have 5,500 boepd of production now, but OXY thinks it may have a 250 million barrel reserves exposure. That would support replacement of around 8% of OXY’s reserves with high-margin domestic oil. OXY hopes to grow Williston Basin production to around 30,000 boepd over the next five years."

Susquehanna has changed their EPS/EBITDA estimates for full year 2010 and full year 2011 from from $5.43/$11,216 and $6.74/$13,188 to $5.58/$11,419 and $6.62/$12,894.

They have maintained their "Positive" rating on Occidental Petroleum, which was trading at $99.14, up $1.44, or 1.47 percent, as of 11:44 AM EST. Susquehanna raised their price target on them from $98 to $117.