Citigroup Lowers Occidental Petroleum (NYSE:OXY) Price Target to $62.00

Key Points

• Citigroup cut its price target on Occidental Petroleum to $62 (from $67) while keeping a "neutral" rating, a target that implies about a 16.2% upside from the prior close.
• The stock has a consensus analyst rating of Hold with an average price target of roughly $61.04, but analysts are split—some lifting targets to as high as $70 and upgrading ratings while others maintain sell calls.
• Occidental is trading down (opened at $53.35, down ~6.2%), has a market cap of $52.9B and a P/E of 33.0; it reported an EPS beat of $0.31 vs. $0.18 but missed revenue ($5.11B vs. $6.02B) and saw revenue fall 5.2% year‑over‑year.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price target cut by equities research analysts at Citigroup from $67.00 to $62.00 in a research note issued to investors on Friday,MarketScreener reports. The firm presently has a "neutral" rating on the oil and gas producer's stock. Citigroup's price objective would indicate a potential upside of 16.21% from the company's previous close.

Several other research firms have also weighed in on OXY. The Goldman Sachs Group upped their price objective on Occidental Petroleum from $41.00 to $54.00 and gave the company a "sell" rating in a research note on Wednesday, March 11th. Scotiabank upgraded shares of Occidental Petroleum to a "hold" rating in a research note on Friday, March 27th. Wolfe Research upped their target price on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock an "outperform" rating in a report on Monday, April 6th. Argus raised shares of Occidental Petroleum to a "hold" rating in a report on Friday, February 27th. Finally, Piper Sandler upgraded shares of Occidental Petroleum from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $54.00 to $66.00 in a research note on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $61.04.

Occidental Petroleum Trading Down 6.2%

Occidental Petroleum stock opened at $53.35 on Friday. The business has a 50 day moving average price of $55.68 and a two-hundred day moving average price of $46.96. The company has a quick ratio of 0.74, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. Occidental Petroleum has a 12 month low of $38.36 and a 12 month high of $67.45. The stock has a market cap of $52.91 billion, a price-to-earnings ratio of 33.03 and a beta of 0.23.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Wednesday, February 18th. The oil and gas producer reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.18 by $0.13. The business had revenue of $5.11 billion for the quarter, compared to analysts' expectations of $6.02 billion. Occidental Petroleum had a return on equity of 9.89% and a net margin of 9.14%.Occidental Petroleum's quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.80 earnings per share. As a group, equities analysts forecast that Occidental Petroleum will post 3.58 EPS for the current year.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently modified their holdings of the business. Caitlin John LLC acquired a new stake in shares of Occidental Petroleum in the 4th quarter valued at $29,000. Activest Wealth Management increased its holdings in Occidental Petroleum by 68.5% in the fourth quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer's stock valued at $31,000 after purchasing an additional 305 shares during the period. Rossby Financial LCC raised its holdings in Occidental Petroleum by 155.0% during the 4th quarter. Rossby Financial LCC now owns 765 shares of the oil and gas producer's stock worth $31,000 after purchasing an additional 465 shares during the last quarter. City Holding Co. grew its stake in Occidental Petroleum by 250.0% during the third quarter. City Holding Co. now owns 700 shares of the oil and gas producer's stock worth $33,000 after purchasing an additional 500 shares during the period. Finally, Binnacle Investments Inc bought a new position in shares of Occidental Petroleum during the 3rd quarter worth about $35,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum News Summary

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: U.S. officials met oil executives and pushed for more drilling to stabilize prices, which helped lift momentum and sentiment metrics for major producers, including OXY — a near-term tailwind for revenues and cash flow. Read More.
• Positive Sentiment: Zacks and Yahoo Finance pieces argue OXY may be undervalued based on earnings-estimate trends and value metrics, supporting a longer‑term buy case if earnings revisions continue to improve. Read More.
• Neutral Sentiment: Roth MKM raised its price target to $55 from $45 but kept a "neutral" rating — the PT increase signals modest analyst optimism while the neutral stance limits conviction. Read More.
• Negative Sentiment: Analyst pressure: Capital One trimmed its price target (to $67) and at least one downgrade coincided with a near-term share pullback, highlighting persistent analyst disagreement on upside and valuation. Read More.
• Negative Sentiment: Valuation caution: coverage pieces note OXY’s strong YTD performance and ties to Berkshire Hathaway, but also warn of a higher forward earnings multiple — investors should weigh geopolitical-driven gains against a potentially elevated valuation. Read More.

About Occidental Petroleum

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental's operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.

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