Occidental Petroleum (NYSE:OXY) Price Target Cut to $56.00 by Analysts at Citigroup

Occidental Petroleum (NYSE:OXY) had its price objective reduced by equities research analysts at Citigroup from $57.00 to $56.00 in a research report issued to clients and 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 12.18% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. Mizuho decreased their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Evercore ISI dropped their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a report on Monday, September 30th. TD Cowen cut their price target on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Tuesday, November 19th. Finally, Barclays cut their target price on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and an average target price of $63.25.

Occidental Petroleum Price Performance

Shares of OXY traded down $0.52 during trading hours on Tuesday, hitting $49.92. 4,344,206 shares of the stock were exchanged, compared to its average volume of 9,358,304. The stock’s 50-day moving average price is $51.77 and its two-hundred day moving average price is $56.82. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.76 and a current ratio of 1.00. The company has a market cap of $46.84 billion, a price-to-earnings ratio of 13.00 and a beta of 1.58. Occidental Petroleum has a 12-month low of $48.42 and a 12-month high of $71.18.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds have recently modified their holdings of OXY. Commerzbank Aktiengesellschaft FI raised its position in Occidental Petroleum by 2.0% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 9,088 shares of the oil and gas producer’s stock worth $573,000 after buying an additional 175 shares during the last quarter. Atria Wealth Solutions Inc. raised its holdings in Occidental Petroleum by 0.6% during the second quarter. Atria Wealth Solutions Inc. now owns 27,519 shares of the oil and gas producer’s stock worth $1,735,000 after purchasing an additional 176 shares in the last quarter. Raymond James Trust N.A. boosted its holdings in Occidental Petroleum by 1.0% in the 2nd quarter. Raymond James Trust N.A. now owns 17,592 shares of the oil and gas producer’s stock valued at $1,109,000 after purchasing an additional 182 shares in the last quarter. Gateway Advisory LLC raised its stake in shares of Occidental Petroleum by 3.9% during the 2nd quarter. Gateway Advisory LLC now owns 4,847 shares of the oil and gas producer’s stock worth $306,000 after buying an additional 184 shares in the last quarter. Finally, Joule Financial LLC grew its stake in shares of Occidental Petroleum by 2.5% during the 2nd quarter. Joule Financial LLC now owns 7,863 shares of the oil and gas producer’s stock worth $497,000 after purchasing an additional 191 shares during the period. 88.70% of the stock is owned by institutional investors and hedge funds.

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.