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

Occidental Petroleum (NYSE:OXY) had its price target reduced by stock analysts at TD Cowen from $80.00 to $68.00 in a report issued on Tuesday. The brokerage presently has a “buy” rating on the oil and gas producer’s stock. TD Cowen’s target price would suggest a potential upside of 34.41% from the stock’s previous close.

A number of other brokerages have also recently issued reports on OXY. Bank of America assumed coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 target price for the company. Mizuho decreased their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Wells Fargo & Company decreased their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Friday, September 27th. Truist Financial decreased their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Finally, Evercore ISI decreased their target price on shares of Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a research report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $64.55.

Occidental Petroleum Stock Performance

NYSE OXY traded down $0.22 during trading hours on Tuesday, hitting $50.59. 6,651,071 shares of the stock were exchanged, compared to its average volume of 9,241,566. Occidental Petroleum has a 12-month low of $49.51 and a 12-month high of $71.18. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 0.77. The company has a market cap of $45.82 billion, a price-to-earnings ratio of 12.46 and a beta of 1.58. The stock has a 50-day moving average of $52.07 and a 200 day moving average of $57.84.

Insider Activity

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.31% of the company’s stock.

Institutional Trading of Occidental Petroleum

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Himalaya Capital Management LLC purchased a new position in Occidental Petroleum during the second quarter valued at approximately $92,433,000. Clean Energy Transition LLP purchased a new position in Occidental Petroleum during the first quarter valued at approximately $67,601,000. Sarasin & Partners LLP purchased a new position in Occidental Petroleum during the second quarter valued at approximately $63,880,000. Scharf Investments LLC purchased a new position in Occidental Petroleum during the second quarter valued at approximately $42,744,000. Finally, American Century Companies Inc. grew its position in Occidental Petroleum by 16.8% during the second quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock valued at $233,687,000 after purchasing an additional 532,318 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.

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.