Market Analysts see Occidental Petroleum Corporation [OXY] gaining to $80. Time to buy?

Occidental Petroleum Corporation [NYSE: OXY] price surged by 2.46 percent to reach at $1.53. The company report on January 6, 2023 that 1PointFive announces agreement with Houston Texans to purchase carbon removal credits and become the team’s Preferred Carbon Removal Partner.


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DAC is a technology that captures and removes large volumes of CO2 directly from the atmosphere, which can be safely and securely stored deep underground in geologic formations. For the Texan’s agreement, CO2 captured by DAC will be sequestered in saline reservoirs not associated with oil and gas production. DAC provides a practical solution for hard-to-decarbonize activities, such as air travel, to help achieve climate goals.

A sum of 9832734 shares traded at recent session while its average daily volume was at 14.39M shares. Occidental Petroleum Corporation shares reached a high of $64.63 and dropped to a low of $62.94 until finishing in the latest session at $63.75.

The one-year OXY stock forecast points to a potential upside of 16.75. The average equity rating for OXY stock is currently 2.60, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on 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 $76.58 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 2.60. 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.

BofA Securities have made an estimate for Occidental Petroleum Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on January 06, 2023. While these analysts kept the previous recommendation, Wells Fargo raised their target price from $59 to $74. The new note on the price target was released on November 14, 2022, representing the official price target for Occidental Petroleum Corporation stock. Previously, the target price had yet another drop from $78 to $76, while Piper Sandler kept a Neutral rating on OXY stock. On September 12, 2022, analysts increased their price target for OXY shares from 65 to 67.

The Average True Range (ATR) for Occidental Petroleum Corporation is set at 2.14, with the Price to Sales ratio for OXY stock in the period of the last 12 months amounting to 1.55. The Price to Book ratio for the last quarter was 3.10, with the Price to Cash per share for the same quarter was set at 1.39. Price to Free Cash Flow for OXY in the course of the last twelve months was 5.07 with Quick ratio for the last quarter at 0.90.

OXY Stock Performance Analysis:

Occidental Petroleum Corporation [OXY] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.36. With this latest performance, OXY shares dropped by -0.61% in over the last four-week period, additionally plugging by 5.08% over the last 6 months – not to mention a rise of 100.41% 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 48.41, with the RSI for the last a single of trading hit 53.10, and the three-weeks RSI is set at 46.99 for Occidental Petroleum Corporation [OXY]. The present Moving Average for the last 50 days of trading for this stock 67.70, while it was recorded at 62.22 for the last single week of trading, and 64.24 for the last 200 days.

Insight into Occidental Petroleum Corporation Fundamentals:

Occidental Petroleum Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 1.10.

OXY Stock EPS

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 26.58%.

Occidental Petroleum Corporation [OXY] Insider Position Details

There are presently around $45,881 million, or 79.40% of OXY stock, in the hands of institutional investors. The top three institutional holders of OXY stocks are: BERKSHIRE HATHAWAY INC with ownership of 194,351,650, which is approximately 22.581% of the company’s market cap and around 0.18% of the total institutional ownership; DODGE & COX, holding 94,978,388 shares of the stock with an approximate value of $6.05 billion in OXY stocks shares; and VANGUARD GROUP INC, currently with $3.94 billion in OXY stock with ownership of nearly -23.284% of the company’s market capitalization.

Positions in Occidental Petroleum Corporation stocks held by institutional investors increased at the end of February and at the time of the February reporting period, where 546 institutional holders increased their position in Occidental Petroleum Corporation [NYSE:OXY] by around 64,034,400 shares. Additionally, 469 investors decreased positions by around 105,624,931 shares, while 174 investors held positions by with 550,039,315 shares. The mentioned changes placed institutional holdings at 719,698,646 shares, according to the latest SEC report filing. OXY stock had 158 new institutional investments in for a total of 11,893,158 shares, while 100 institutional investors sold positions of 8,933,818 shares during the same period.

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