Bank of America downgraded shares of Occidental Petroleum (NYSE:OXY) from a buy rating to a neutral rating in a research report sent to investors on Thursday morning, Marketbeat Ratings reports. Bank of America currently has $80.00 target price on the oil and gas producer’s stock. The analysts noted that the move was a valuation call.
OXY has been the subject of several other research reports. Cowen reissued a buy rating and issued a $80.00 price objective on shares of Occidental Petroleum in a report on Thursday, September 28th. Mizuho restated a hold rating and issued a $64.00 target price on shares of Occidental Petroleum in a research note on Friday, November 3rd. Goldman Sachs Group upgraded Occidental Petroleum from a neutral rating to a buy rating in a research note on Friday, November 17th. Barclays raised their target price on Occidental Petroleum from $45.00 to $47.00 and gave the stock an underweight rating in a research note on Monday, November 20th. Finally, Jefferies Group raised their target price on Occidental Petroleum from $62.00 to $66.00 and gave the stock a hold rating in a research note on Friday, November 3rd. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $67.00.
Shares of Occidental Petroleum (NYSE OXY) traded up $0.64 on Thursday, reaching $75.19. The company had a trading volume of 2,996,637 shares, compared to its average volume of 3,059,875. Occidental Petroleum has a 52 week low of $57.20 and a 52 week high of $75.11. The stock has a market cap of $57,540.00, a price-to-earnings ratio of 105.90, a P/E/G ratio of 7.19 and a beta of 0.65. The company has a current ratio of 1.11, a quick ratio of 0.95 and a debt-to-equity ratio of 0.45.
A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Occidental Petroleum by 2.1% during the second quarter. Vanguard Group Inc. now owns 55,192,202 shares of the oil and gas producer’s stock valued at $3,304,357,000 after buying an additional 1,119,588 shares during the period. Franklin Resources Inc. increased its stake in shares of Occidental Petroleum by 1.4% during the second quarter. Franklin Resources Inc. now owns 13,570,361 shares of the oil and gas producer’s stock valued at $812,457,000 after buying an additional 186,703 shares during the period. Macquarie Group Ltd. increased its stake in shares of Occidental Petroleum by 3.6% during the second quarter. Macquarie Group Ltd. now owns 11,948,897 shares of the oil and gas producer’s stock valued at $715,381,000 after buying an additional 418,349 shares during the period. Capital International Investors increased its stake in shares of Occidental Petroleum by 3.6% during the third quarter. Capital International Investors now owns 8,273,652 shares of the oil and gas producer’s stock valued at $531,251,000 after buying an additional 289,718 shares during the period. Finally, Epoch Investment Partners Inc. increased its stake in shares of Occidental Petroleum by 22.0% during the third quarter. Epoch Investment Partners Inc. now owns 8,103,731 shares of the oil and gas producer’s stock valued at $520,341,000 after buying an additional 1,461,761 shares during the period. 80.17% of the stock is currently owned by institutional investors and hedge funds.
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About Occidental Petroleum
Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.
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