Occidental Petroleum (NYSE:OXY) Price Target Cut to $65.00 by Analysts at Susquehanna

Occidental Petroleum (NYSE:OXY) had its price objective reduced by Susquehanna from $77.00 to $65.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “positive” rating on the oil and gas producer’s stock. Susquehanna’s target price points to a potential upside of 30.18% from the stock’s previous close.

A number of other brokerages have also issued reports on OXY. Scotiabank reduced their price target on 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. reiterated a “neutral” rating and issued a $56.00 target price on shares of Occidental Petroleum in a research report on Friday, November 8th. TD Cowen lowered their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday. Stephens increased their price objective on shares of Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Bank of America assumed coverage on Occidental Petroleum in a research report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 target price for the company. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $63.70.

Occidental Petroleum Stock Performance

OXY opened at $49.93 on Thursday. The company has a current ratio of 1.00, a quick ratio of 0.75 and a debt-to-equity ratio of 0.96. The business’s 50 day moving average is $51.84 and its 200-day moving average is $57.62. The stock has a market cap of $46.85 billion, a PE ratio of 13.00 and a beta of 1.58. Occidental Petroleum has a twelve month low of $48.42 and a twelve month high of $71.18.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Stephens Inc. AR boosted its holdings in shares of Occidental Petroleum by 221.0% during the third quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer’s stock worth $777,000 after acquiring an additional 10,382 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in Occidental Petroleum by 1.6% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,482,049 shares of the oil and gas producer’s stock valued at $76,385,000 after purchasing an additional 22,920 shares during the period. Czech National Bank grew its holdings in Occidental Petroleum by 8.3% in the 3rd quarter. Czech National Bank now owns 137,163 shares of the oil and gas producer’s stock valued at $7,069,000 after buying an additional 10,456 shares in the last quarter. Discovery Capital Management LLC CT bought a new position in Occidental Petroleum during the 2nd quarter worth $10,331,000. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Occidental Petroleum by 15.2% during the third quarter. Janney Montgomery Scott LLC now owns 221,970 shares of the oil and gas producer’s stock worth $11,440,000 after buying an additional 29,344 shares in 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.