Shearson Lehman calls Arco a good buy.
Shearson Lehman calls Arco a good buy
Likes long-term outlook
Los Angeles oil giant Atlantic Richfield (Arco) remains a good way to drill for profits on Wall Street, according to a recent report issued by Shearson Lehman Hutton, the New York-based brokerage house.
Additionally, Arco pays a $5 per share annual dividend, for a 4.4 percent yield.
Shearson Lehman gave Arco a top rating as a long-term hold stock.
Investors had worried about declining Arco oil production, but at an annual analysts meeting March 20, Arco said it could more or less maintain current oil production for the next five years, according to Shearson Lehman. Declining production from its Alaskan Prudhoe Bay field will be offset by increased pumping from other fields.
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