Occidental Petroleum (NYSE:OXY) Price Target Lowered to $77.00 at Raymond James

Occidental Petroleum (NYSE:OXY) had its price objective reduced by investment analysts at Raymond James from $85.00 to $77.00 in a research note issued to investors on Tuesday. The brokerage currently has a “buy” rating on the oil and gas producer’s stock. Raymond James’ target price would suggest a potential upside of 52.20% from the company’s current price.

A number of other research analysts also recently weighed in on the stock. The Goldman Sachs Group started coverage on shares of Occidental Petroleum in a report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target on the stock. UBS Group dropped their target price on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Evercore ISI dropped their target price on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a report on Monday, September 30th. Mizuho dropped their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Finally, TD Cowen dropped their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus price target of $64.55.

Occidental Petroleum Stock Down 0.4 %

Shares of Occidental Petroleum stock traded down $0.22 during midday trading on Tuesday, reaching $50.59. 6,651,071 shares of the company’s stock traded hands, compared to its average volume of 9,241,566. The company has a market cap of $45.82 billion, a price-to-earnings ratio of 12.46 and a beta of 1.58. The company’s 50 day simple moving average is $52.07 and its 200 day simple moving average is $57.84. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. Occidental Petroleum has a 52 week low of $49.51 and a 52 week high of $71.18.

Insider Activity

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the transaction, the insider now directly owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.31% of the stock is owned by company insiders.

Hedge Funds Weigh In On Occidental Petroleum

Large investors have recently modified their holdings of the stock. Stephens Inc. AR raised its stake in shares of Occidental Petroleum by 221.0% during the third quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer’s stock worth $777,000 after buying an additional 10,382 shares during the last quarter. Czech National Bank raised its holdings in shares of Occidental Petroleum by 8.3% during the third quarter. Czech National Bank now owns 137,163 shares of the oil and gas producer’s stock worth $7,069,000 after acquiring an additional 10,456 shares during the period. Discovery Capital Management LLC CT bought a new position in Occidental Petroleum in the second quarter valued at $10,331,000. Janney Montgomery Scott LLC grew its position in Occidental Petroleum by 15.2% in the third quarter. Janney Montgomery Scott LLC now owns 221,970 shares of the oil and gas producer’s stock valued at $11,440,000 after purchasing an additional 29,344 shares in the last quarter. Finally, Murphy Pohlad Asset Management LLC bought a new position in Occidental Petroleum in the third quarter valued at $593,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.