Raymond James Cuts Occidental Petroleum (NYSE:OXY) Price Target to $77.00

Occidental Petroleum (NYSE:OXY) had its price target lowered by investment analysts at Raymond James from $85.00 to $77.00 in a research note issued to investors on Tuesday. The firm presently has a “buy” rating on the oil and gas producer’s stock. Raymond James’ target price indicates a potential upside of 52.20% from the company’s current price.

A number of other equities analysts have also recently weighed in on the stock. Evercore ISI decreased their price objective on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating for the company in a research report on Monday, September 30th. TD Cowen decreased their price objective on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday. UBS Group decreased their price objective on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Scotiabank decreased 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. Finally, StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $64.55.

Occidental Petroleum Stock Down 0.4 %

NYSE OXY traded down $0.22 during trading hours on Tuesday, hitting $50.59. The company had a trading volume of 6,651,071 shares, compared to its average volume of 9,241,566. Occidental Petroleum has a fifty-two week low of $49.51 and a fifty-two week high of $71.18. The company has a market capitalization of $45.82 billion, a price-to-earnings ratio of 12.46 and a beta of 1.58. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.04 and a quick ratio of 0.75. The firm’s 50 day moving average is $52.07 and its 200 day moving average is $57.84.

Insider Buying and Selling at Occidental Petroleum

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares in the company, valued at $5,923,116,413.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.31% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in OXY. Himalaya Capital Management LLC acquired a new position in Occidental Petroleum in the second quarter worth approximately $92,433,000. Clean Energy Transition LLP acquired a new position in Occidental Petroleum in the first quarter worth approximately $67,601,000. Sarasin & Partners LLP acquired a new position in Occidental Petroleum in the second quarter worth approximately $63,880,000. Scharf Investments LLC acquired a new position in Occidental Petroleum in the second quarter worth approximately $42,744,000. Finally, American Century Companies Inc. grew 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 during the last quarter. Institutional investors and hedge funds 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.