Occidental Petroleum (NYSE:OXY) Given New $51.00 Price Target at Piper Sandler

Occidental Petroleum (NYSE:OXY) had its target price decreased by investment analysts at Piper Sandler from $57.00 to $51.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas producer’s stock. Piper Sandler’s price objective points to a potential upside of 12.16% from the stock’s previous close.

Several other brokerages have also issued reports on OXY. Barclays lowered their target price on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Citigroup reduced their target price on shares of Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research note on Tuesday, November 26th. Raymond James raised their price objective on shares of Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 21st. BMO Capital Markets lowered their target price on shares of Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a report on Friday, October 4th. Finally, The Goldman Sachs Group initiated coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target for the company. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $62.10.

Occidental Petroleum Stock Performance

Shares of OXY traded down $0.55 on Thursday, reaching $45.47. 7,289,187 shares of the company’s stock traded hands, compared to its average volume of 9,476,190. The stock has a market cap of $42.67 billion, a PE ratio of 11.84 and a beta of 1.57. Occidental Petroleum has a 52-week low of $45.44 and a 52-week high of $71.18. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The stock’s 50 day simple moving average is $50.37 and its two-hundred day simple moving average is $55.20.

Institutional Trading of Occidental Petroleum

A number of institutional investors have recently made changes to their positions in OXY. Fortitude Family Office LLC boosted its stake in shares of Occidental Petroleum by 160.0% in the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 304 shares during the last quarter. Mizuho Securities Co. Ltd. purchased a new position in Occidental Petroleum in the third quarter worth about $32,000. Transamerica Financial Advisors Inc. bought a new stake in shares of Occidental Petroleum during the 3rd quarter valued at about $50,000. Strategic Financial Concepts LLC purchased a new stake in shares of Occidental Petroleum during the 2nd quarter valued at about $53,000. Finally, LRI Investments LLC boosted its holdings in shares of Occidental Petroleum by 34.6% in the second quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock worth $57,000 after buying an additional 233 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Company Profile

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.