Truist slashes price target on Occidental Petroleum Corporation [OXY] – find out why.

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Occidental Petroleum Corporation [NYSE: OXY] jumped around 1.13 points on Friday, while shares priced at $33.93 at the close of the session, up 3.45%. The company report on October 14, 2021 that Occidental Announces Sale of Ghana Assets for $750 Million.

Occidental (NYSE: OXY) announced it has agreed to sell its interests in two Ghana offshore fields for $750 million to Kosmos Energy ($550 million) and Ghana National Petroleum Corporation (GNPC) ($200 million), prior to closing adjustments to reflect an April 1, 2021 effective date. The sale to Kosmos closed upon signing and the sale to GNPC is expected to close in the fourth quarter of 2021. The transaction includes Occidental’s interests in both the Jubilee and TEN fields, which combined had second quarter 2021 net production of 22 thousand barrels of oil equivalent per day. Occidental classified the Ghana operations as held for sale, as of June 30, 2021. Separately, Occidental settled certain tax claims related to historical operations.


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“With this transaction, we have achieved our post-Colombia divestiture target,” said President and Chief Executive Officer Vicki Hollub. “Proceeds from the Ghana asset sale will be applied to debt reduction. Combined, our divestiture program and free cash flow generation have enhanced our ability to reduce debt, as evidenced by the $4.5 billion we have repaid year to date. We remain committed to creating value for our shareholders through our deleveraging efforts.”.

Occidental Petroleum Corporation stock is now 96.01% up from its year-to-date (YTD) trading value. OXY Stock saw the intraday high of $33.97 and lowest of $32.77 per share. The company’s 52-week high price is 34.57, which means current price is +95.90% above from all time high which was touched on 10/11/21.

Compared to the average trading volume of 16.65M shares, OXY reached a trading volume of 14576579 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Occidental Petroleum Corporation [OXY]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for OXY shares is $34.54 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on OXY stock is a recommendation set at 2.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Truist have made an estimate for Occidental Petroleum Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 18, 2021. While these analysts kept the previous recommendation, Evercore ISI raised their target price from $35 to $40. The new note on the price target was released on September 29, 2021, representing the official price target for Occidental Petroleum Corporation stock. Previously, the target price had yet another raise to $35, while Citigroup analysts kept a Buy rating on OXY stock. On June 18, 2021, analysts increased their price target for OXY shares from 32 to 40.

The Average True Range (ATR) for Occidental Petroleum Corporation is set at 1.34, with the Price to Sales ratio for OXY stock in the period of the last 12 months amounting to 1.63. The Price to Book ratio for the last quarter was 3.74, with the Price to Cash per share for the same quarter was set at 4.84. Price to Free Cash Flow for OXY in the course of the last twelve months was 7.10 with Quick ratio for the last quarter at 1.10.

How has OXY stock performed recently?

Occidental Petroleum Corporation [OXY] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 7.17. With this latest performance, OXY shares gained by 21.35% in over the last four-week period, additionally plugging by 36.27% over the last 6 months – not to mention a rise of 233.63% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for OXY stock in for the last two-week period is set at 66.35, with the RSI for the last a single of trading hit 67.83, and the three-weeks RSI is set at 64.30 for Occidental Petroleum Corporation [OXY]. The present Moving Average for the last 50 days of trading for this stock 28.08, while it was recorded at 33.19 for the last single week of trading, and 26.85 for the last 200 days.

Occidental Petroleum Corporation [OXY]: Deeper insight into the fundamentals

Occidental Petroleum Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.30.

Earnings analysis for Occidental Petroleum Corporation [OXY]

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for OXY. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Occidental Petroleum Corporation go to -5.15%.

Insider trade positions for Occidental Petroleum Corporation [OXY]

There are presently around $21,918 million, or 69.70% of OXY stock, in the hands of institutional investors. The top three institutional holders of OXY stocks are: DODGE & COX with ownership of 115,401,489, which is approximately -0.474% of the company’s market cap and around 0.10% of the total institutional ownership; VANGUARD GROUP INC, holding 95,647,398 shares of the stock with an approximate value of $3.25 billion in OXY stocks shares; and BLACKROCK INC., currently with $2.01 billion in OXY stock with ownership of nearly 2.546% of the company’s market capitalization.

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330 institutional holders increased their position in Occidental Petroleum Corporation [NYSE:OXY] by around 65,939,184 shares. Additionally, 336 investors decreased positions by around 62,916,880 shares, while 149 investors held positions by with 517,112,179 shares. The mentioned changes placed institutional holdings at 645,968,243 shares, according to the latest SEC report filing. OXY stock had 110 new institutional investments in for a total of 29,354,045 shares, while 84 institutional investors sold positions of 7,995,693 shares during the same period.

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