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

Key Points

• Piper Sandler has lowered its target price for Occidental Petroleum (NYSE:OXY) from $50.00 to $47.00, maintaining a "neutral" rating on the stock.
• Other analysts have mixed ratings with Melius holding a "hold" rating and a $64.00 target while Wells Fargo sets a more bearish "underweight" rating with a $42.00 price target.
• The average consensus rating for Occidental Petroleum is "Hold" with a current average price target of $52.26, indicating potential upside from its recent trading price.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its target price decreased by research analysts at Piper Sandler from $50.00 to $47.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the oil and gas producer's stock. Piper Sandler's price objective suggests a potential upside of 14.60% from the stock's current price.

Several other equities research analysts have also weighed in on the stock. Melius initiated coverage on shares of Occidental Petroleum in a report on Wednesday, August 20th. They issued a "hold" rating and a $64.00 target price on the stock. Wells Fargo & Company initiated coverage on shares of Occidental Petroleum in a research note on Friday. They issued an "underweight" rating and a $42.00 price target on the stock. UBS Group decreased their price objective on shares of Occidental Petroleum from $46.00 to $45.00 and set a "neutral" rating for the company in a research report on Friday, October 3rd. Mizuho raised shares of Occidental Petroleum from a "neutral" rating to an "outperform" rating and lifted their price objective for the company from $58.00 to $60.00 in a research report on Friday, October 3rd. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Occidental Petroleum in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, fifteen have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, Occidental Petroleum currently has a consensus rating of "Hold" and an average price target of $52.26.

Occidental Petroleum Price Performance

Shares of OXY traded down $0.02 during mid-day trading on Tuesday, hitting $41.01. 3,589,573 shares of the company traded hands, compared to its average volume of 11,582,665. Occidental Petroleum has a one year low of $34.78 and a one year high of $53.20. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. The business has a 50-day moving average of $45.41 and a 200 day moving average of $43.39. The stock has a market capitalization of $40.37 billion, a price-to-earnings ratio of 24.28 and a beta of 0.95.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $6.41 billion for the quarter, compared to analyst estimates of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The business's revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period last year, the business posted $1.03 earnings per share. As a group, equities analysts expect that Occidental Petroleum will post 3.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors have recently added to or reduced their stakes in the stock. University of Texas Texas AM Investment Management Co. acquired a new position in Occidental Petroleum during the 2nd quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd acquired a new position in Occidental Petroleum in the 1st quarter valued at approximately $39,000. Hantz Financial Services Inc. increased its position in Occidental Petroleum by 1,193.9% in the 2nd quarter. Hantz Financial Services Inc. now owns 854 shares of the oil and gas producer's stock valued at $36,000 after acquiring an additional 788 shares during the period. MeadowBrook Investment Advisors LLC increased its position in Occidental Petroleum by 371.7% in the 2nd quarter. MeadowBrook Investment Advisors LLC now owns 1,000 shares of the oil and gas producer's stock valued at $42,000 after acquiring an additional 788 shares during the period. Finally, Spectrum Wealth Counsel LLC increased its position in Occidental Petroleum by 5,000.0% in the 1st quarter. Spectrum Wealth Counsel LLC now owns 1,020 shares of the oil and gas producer's stock valued at $50,000 after acquiring an additional 1,000 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.

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