Raymond James downgraded Occidental Petroleum (OXY) to Outperform from Strong Buy with a price target of $64, down from $81. The firm updated the company’s estimates to reflect the Q4 report and big drop in oil prices. Occidental’s relative share outperformance over the past month and near-term uncertainty on oil prices has the firm taking a slightly more cautious near-term stance on the stock. It cites the significantly weaker oil strip for the target cut.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on OXY:
- Occidental Petroleum price target lowered to $50 from $51 at Piper Sandler
- XOM, CVX, OXY: Crude Oil Prices Fall to Six-Month Low, Pressuring Energy Stocks
- Occidental announces offer to exercise warrants at temporarily reduced price
- Occidental sold Rocky Mountains assets to NGP Energy, Bloomberg says
- Occidental Petroleum: Balancing Growth and Debt Reduction Amidst Strong Financial Performance