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

Occidental Petroleum (NYSE:OXY) had its target price dropped by equities research analysts at TD Cowen from $80.00 to $68.00 in a note issued to investors on Tuesday. The firm currently has a “buy” rating on the oil and gas producer’s stock. TD Cowen’s price objective would indicate a potential upside of 33.02% from the stock’s previous close.

OXY has been the subject of several other research reports. Scotiabank reduced their target price 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. Stephens reiterated an “overweight” rating and issued a $76.00 target price on shares of Occidental Petroleum in a research note on Thursday, August 8th. Truist Financial reduced their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Wells Fargo & Company reduced their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a research note on Friday, September 27th. Finally, StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. One equities research 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $64.30.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $51.12 on Tuesday. The firm has a market capitalization of $46.30 billion, a PE ratio of 13.31 and a beta of 1.58. The firm has a fifty day simple moving average of $51.97 and a two-hundred day simple 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. Occidental Petroleum has a 12 month low of $48.42 and a 12 month high of $71.18.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of OXY. Thoroughbred Financial Services LLC grew its position in Occidental Petroleum by 9.2% during the first quarter. Thoroughbred Financial Services LLC now owns 3,846 shares of the oil and gas producer’s stock valued at $250,000 after acquiring an additional 323 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Occidental Petroleum by 107.2% in the first quarter. Russell Investments Group Ltd. now owns 349,592 shares of the oil and gas producer’s stock worth $22,718,000 after purchasing an additional 180,838 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in shares of Occidental Petroleum by 17.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 968,178 shares of the oil and gas producer’s stock worth $60,443,000 after purchasing an additional 141,430 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Occidental Petroleum by 21.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 777,541 shares of the oil and gas producer’s stock worth $50,532,000 after purchasing an additional 139,420 shares during the last quarter. Finally, Midwest Professional Planners LTD. bought a new position in shares of Occidental Petroleum in the first quarter worth approximately $586,000. 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.