Citigroup Issues Pessimistic Forecast for Occidental Petroleum (NYSE:OXY) Stock Price

Occidental Petroleum (NYSE:OXY) had its price target cut by Citigroup from $57.00 to $56.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas producer’s stock. Citigroup’s target price would indicate a potential upside of 12.18% from the company’s previous close.

OXY has been the topic of a number of other reports. Wells Fargo & Company cut their price objective on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a report on Friday, September 27th. Scotiabank decreased their price objective on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Bank of America began coverage on shares of Occidental Petroleum in a research note on Thursday, October 17th. They issued a “neutral” rating and a $57.00 target price on the stock. Jefferies Financial Group upped their target price on Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Finally, Stephens raised their target price on Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Occidental Petroleum presently has an average rating of “Hold” and a consensus price target of $63.25.

Occidental Petroleum Trading Down 1.0 %

NYSE:OXY traded down $0.52 on Tuesday, reaching $49.92. The stock had a trading volume of 4,344,206 shares, compared to its average volume of 9,358,304. The company has a market cap of $46.84 billion, a price-to-earnings ratio of 13.00 and a beta of 1.58. Occidental Petroleum has a 12-month low of $48.42 and a 12-month high of $71.18. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76. The firm’s fifty day moving average is $51.77 and its two-hundred day moving average is $56.82.

Institutional Trading of Occidental Petroleum

A number of hedge funds have recently bought and sold shares of the stock. Fortitude Family Office LLC lifted its position in shares of Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 304 shares during the period. Mizuho Securities Co. Ltd. bought a new stake in Occidental Petroleum in the 3rd quarter valued at $32,000. LRI Investments LLC acquired a new position in shares of Occidental Petroleum in the 1st quarter valued at $44,000. New Covenant Trust Company N.A. bought a new position in shares of Occidental Petroleum during the 1st quarter worth about $44,000. Finally, Transamerica Financial Advisors Inc. acquired a new stake in shares of Occidental Petroleum during the 3rd quarter valued at about $50,000. 88.70% of the stock is owned by institutional investors.

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.