Citigroup Has Lowered Expectations for Occidental Petroleum (NYSE:OXY) Stock Price

Occidental Petroleum (NYSE:OXY) had its price objective reduced by investment analysts at Citigroup from $57.00 to $56.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas producer’s stock. Citigroup’s price objective would indicate a potential upside of 11.24% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the company. Barclays dropped their price objective on Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. The Goldman Sachs Group assumed coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price objective for the company. TD Cowen dropped their price objective on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Mizuho lowered their target price on Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Finally, Jefferies Financial Group upped their target price on Occidental Petroleum from $53.00 to $54.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and a consensus target price of $63.25.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $50.34 on Tuesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.76. Occidental Petroleum has a 1 year low of $48.42 and a 1 year high of $71.18. The stock’s 50 day simple moving average is $51.70 and its two-hundred day simple moving average is $56.67. The company has a market cap of $47.24 billion, a price-to-earnings ratio of 13.11 and a beta of 1.58.

Institutional Investors Weigh In On Occidental Petroleum

Large investors have recently made changes to their positions in the company. Fortitude Family Office LLC increased its stake in shares of Occidental Petroleum by 160.0% in the third quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 304 shares during the period. Mizuho Securities Co. Ltd. acquired a new position in shares of Occidental Petroleum during the third quarter valued at approximately $32,000. New Covenant Trust Company N.A. acquired a new position in shares of Occidental Petroleum during the first quarter valued at approximately $44,000. LRI Investments LLC acquired a new position in shares of Occidental Petroleum during the first quarter valued at approximately $44,000. Finally, Transamerica Financial Advisors Inc. acquired a new position in shares of Occidental Petroleum during the third quarter valued at approximately $50,000. 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.