Stephens Issues Positive Forecast for Occidental Petroleum (NYSE:OXY) Stock Price

Occidental Petroleum (NYSE:OXY) had its target price upped by equities researchers at Stephens from $70.00 to $71.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas producer’s stock. Stephens’ price objective indicates a potential upside of 43.52% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. Barclays cut their price target on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. TD Cowen cut their price target on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday. Evercore ISI cut their price target on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a research note on Monday, September 30th. Finally, Jefferies Financial Group lifted their price target on Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and a consensus price target of $64.30.

Occidental Petroleum Stock Down 1.6 %

Shares of OXY traded down $0.82 during trading hours on Wednesday, hitting $49.47. The stock had a trading volume of 11,197,542 shares, compared to its average volume of 9,269,546. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. The firm has a 50 day simple moving average of $51.97 and a 200-day simple moving average of $57.72. The firm has a market capitalization of $44.80 billion, a P/E ratio of 12.12 and a beta of 1.58. Occidental Petroleum has a 1-year low of $48.42 and a 1-year high of $71.18.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Himalaya Capital Management LLC purchased a new position in Occidental Petroleum in the second quarter worth $92,433,000. Clean Energy Transition LLP bought a new position in shares of Occidental Petroleum during the first quarter valued at about $67,601,000. Sarasin & Partners LLP bought a new position in shares of Occidental Petroleum during the second quarter valued at about $63,880,000. Scharf Investments LLC bought a new position in shares of Occidental Petroleum during the second quarter valued at about $42,744,000. Finally, American Century Companies Inc. raised its stake in shares of Occidental Petroleum by 16.8% during the second quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after acquiring an additional 532,318 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

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.