TD Cowen Cuts Occidental Petroleum (NYSE:OXY) Price Target to $68.00

Occidental Petroleum (NYSE:OXY) had its price objective reduced by stock analysts at TD Cowen from $80.00 to $68.00 in a research note issued to investors on Tuesday. The brokerage currently has a “buy” rating on the oil and gas producer’s stock. TD Cowen’s target price indicates a potential upside of 34.41% from the company’s current price.

Several other equities research analysts have also commented on the stock. Scotiabank dropped their price objective on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Susquehanna dropped their target price on shares of Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Wolfe Research began coverage on shares of Occidental Petroleum in a research note on Thursday, July 18th. They issued an “outperform” rating and a $81.00 target price on the stock. Bank of America began coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price objective for the company. Finally, StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $64.55.

Occidental Petroleum Trading Down 0.4 %

Shares of OXY stock traded down $0.22 during mid-day trading on Tuesday, reaching $50.59. The stock had a trading volume of 6,651,071 shares, compared to its average volume of 9,241,566. Occidental Petroleum has a 52-week low of $49.51 and a 52-week high of $71.18. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. The stock’s 50-day moving average price is $52.07 and its two-hundred day moving average price is $57.84. The firm has a market capitalization of $45.82 billion, a PE ratio of 12.46 and a beta of 1.58.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Occidental Petroleum 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 completion of the sale, the insider now directly owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Fortitude Family Office LLC raised its position in shares of Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 304 shares during the period. Mizuho Securities Co. Ltd. purchased a new stake in Occidental Petroleum in the third quarter valued at approximately $32,000. New Covenant Trust Company N.A. purchased a new stake in Occidental Petroleum in the first quarter valued at approximately $44,000. LRI Investments LLC purchased a new stake in shares of Occidental Petroleum during the first quarter worth $44,000. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of Occidental Petroleum during the third quarter worth $87,000. 88.70% of the stock is currently 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.