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

Occidental Petroleum (NYSE:OXY) had its price target cut by Piper Sandler from $57.00 to $51.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas producer’s stock. Piper Sandler’s target price suggests a potential upside of 12.16% from the company’s previous close.

A number of other equities research analysts have also recently commented on the company. BMO Capital Markets decreased their price target on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a report on Friday, October 4th. StockNews.com cut Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Wednesday. Raymond James increased their price objective on shares of Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a report on Thursday, November 21st. Susquehanna lowered their target price on shares of Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating on the stock in a report on Thursday, November 14th. Finally, Citigroup reduced their price target on shares of Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a report on Tuesday, November 26th. Two analysts have 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. Based on data from MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and an average price target of $62.10.

Occidental Petroleum Price Performance

NYSE:OXY traded down $0.55 during trading hours on Thursday, hitting $45.47. 7,289,187 shares of the stock traded hands, compared to its average volume of 9,476,190. The company has a market cap of $42.67 billion, a price-to-earnings ratio of 11.84 and a beta of 1.57. Occidental Petroleum has a 1 year low of $45.44 and a 1 year high of $71.18. The stock has a 50 day moving average price of $50.37 and a 200 day moving average price of $55.20. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Institutional Trading of Occidental Petroleum

Several hedge funds and other institutional investors have recently bought and sold shares of OXY. Principal Financial Group Inc. boosted its position in Occidental Petroleum by 7.1% during the third quarter. Principal Financial Group Inc. now owns 773,762 shares of the oil and gas producer’s stock valued at $39,880,000 after purchasing an additional 51,042 shares in the last quarter. Alternative Investment Advisors LLC. acquired a new stake in shares of Occidental Petroleum during the third quarter worth about $1,002,000. Retirement Systems of Alabama increased its stake in shares of Occidental Petroleum by 1.8% in the third quarter. Retirement Systems of Alabama now owns 149,387 shares of the oil and gas producer’s stock worth $7,699,000 after acquiring an additional 2,700 shares during the period. Inspire Trust Co. N.A. lifted its position in Occidental Petroleum by 13.2% during the third quarter. Inspire Trust Co. N.A. now owns 57,365 shares of the oil and gas producer’s stock valued at $2,957,000 after purchasing an additional 6,700 shares during the period. Finally, Synovus Financial Corp boosted its holdings in Occidental Petroleum by 1,247.7% in the third quarter. Synovus Financial Corp now owns 50,486 shares of the oil and gas producer’s stock valued at $2,602,000 after purchasing an additional 46,740 shares during the last quarter. 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.