Citigroup Lowers Occidental Petroleum (NYSE:OXY) Price Target to $56.00

Occidental Petroleum (NYSE:OXY) had its target price reduced by equities researchers at 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 price target indicates a potential upside of 11.24% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Raymond James raised their price objective on shares of Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a research report on Thursday, November 21st. Scotiabank lowered 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 report on Thursday, October 10th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.00 price objective on shares of Occidental Petroleum in a research report on Friday, November 8th. UBS Group lowered their price objective on shares of Occidental Petroleum from $59.00 to $58.00 and set a “neutral” rating for the company in a research report on Monday, November 18th. Finally, StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $63.25.

Occidental Petroleum Trading Up 1.0 %

Shares of OXY stock opened at $50.34 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 $47.24 billion, a P/E ratio of 13.11 and a beta of 1.58. The firm has a 50-day moving average price of $51.70 and a 200 day moving average price of $56.67. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of OXY. Geode Capital Management LLC lifted its holdings in Occidental Petroleum by 3.3% in the third quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer’s stock valued at $710,886,000 after acquiring an additional 444,850 shares during the period. H&H International Investment LLC increased its position 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 buying an additional 7,680,598 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Occidental Petroleum by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,007,770 shares of the oil and gas producer’s stock worth $206,560,000 after buying an additional 98,703 shares in the last quarter. American Century Companies Inc. increased its position in Occidental Petroleum by 16.8% in the second quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock worth $233,687,000 after buying an additional 532,318 shares in the last quarter. Finally, Swiss National Bank increased its position in Occidental Petroleum by 0.3% in the third quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock worth $101,720,000 after buying an additional 5,200 shares in the last quarter. 88.70% of the stock is 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.