UBS Group Has Lowered Expectations for Occidental Petroleum (NYSE:OXY) Stock Price

Occidental Petroleum (NYSE:OXY) had its price objective cut by equities research analysts at UBS Group from $58.00 to $51.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas producer’s stock. UBS Group’s target price points to a potential upside of 4.65% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the stock. Barclays reduced their target price on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Citigroup decreased their price objective on shares of Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research note on Tuesday, November 26th. Bank of America assumed coverage on Occidental Petroleum in a research note on Thursday, October 17th. They set a “neutral” rating and a $57.00 target price on the stock. Mizuho decreased their price target on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Finally, TD Cowen reduced their target price on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $62.75.

Occidental Petroleum Stock Performance

NYSE OXY opened at $48.74 on Monday. The business’s 50 day moving average price is $51.37 and its 200-day moving average price is $55.86. Occidental Petroleum has a fifty-two week low of $47.20 and a fifty-two week high of $71.18. The company has a market cap of $45.73 billion, a P/E ratio of 12.69 and a beta of 1.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00.

Hedge Funds Weigh In On Occidental Petroleum

A number of large investors have recently added to or reduced their stakes in OXY. H&H International Investment LLC grew its holdings in Occidental Petroleum by 497.7% in the third quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock worth $475,389,000 after purchasing an additional 7,680,598 shares during the last quarter. Himalaya Capital Management LLC purchased a new position in Occidental Petroleum during the 2nd quarter worth $92,433,000. Sarasin & Partners LLP acquired a new position in Occidental Petroleum during the 2nd quarter valued at about $63,880,000. Anson Funds Management LP raised its stake in Occidental Petroleum by 3,645.8% in the third quarter. Anson Funds Management LP now owns 765,486 shares of the oil and gas producer’s stock valued at $39,453,000 after buying an additional 745,050 shares during the last quarter. Finally, Scharf Investments LLC acquired a new stake in Occidental Petroleum in the second quarter worth about $42,744,000. 88.70% of the stock is currently owned by institutional investors.

About Occidental Petroleum

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.