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

Occidental Petroleum (NYSE:OXY) had its price target reduced by equities research analysts at Raymond James from $85.00 to $77.00 in a report released on Tuesday. The brokerage presently has a “buy” rating on the oil and gas producer’s stock. Raymond James’ target price would suggest a potential upside of 50.63% from the company’s current price.

OXY has been the subject of several other reports. UBS Group reduced their target price on Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Stephens reaffirmed an “overweight” rating and set a $76.00 target price on shares of Occidental Petroleum in a research note on Thursday, August 8th. The Goldman Sachs Group started coverage on Occidental Petroleum in a research note on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 target price for the company. StockNews.com raised Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.00 target price on shares of Occidental Petroleum in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $64.30.

Occidental Petroleum Trading Up 1.7 %

Shares of NYSE:OXY opened at $51.12 on Tuesday. Occidental Petroleum has a 12-month low of $48.42 and a 12-month high of $71.18. The company has a market capitalization of $46.30 billion, a PE ratio of 13.31 and a beta of 1.58. The business has a 50 day moving average of $51.97 and a two-hundred day moving average of $57.72. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in OXY. Fortitude Family Office LLC raised its position in Occidental Petroleum by 160.0% in the third 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 in the last quarter. Mizuho Securities Co. Ltd. acquired a new stake in Occidental Petroleum in the third quarter valued at $32,000. New Covenant Trust Company N.A. acquired a new stake in Occidental Petroleum in the first quarter valued at $44,000. LRI Investments LLC acquired a new stake in Occidental Petroleum in the first quarter valued at $44,000. Finally, Transamerica Financial Advisors Inc. acquired a new stake in Occidental Petroleum in the third quarter valued at $50,000. Hedge funds and other 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.