Monthly Stock Report: Occidental Petroleum Corporation (OXY)
Publication Date: September 22, 2024
Company Overview
Occidental Petroleum Corporation (OXY), established in 1920, is a Houston-based energy company primarily operating in the Oil & Gas Exploration and Production sector. With a diverse portfolio, Occidental is engaged in acquiring, exploring, and developing oil and gas assets across the United States, the Middle East, and North Africa. The company operates through three main segments: Oil and Gas, which focuses on energy production; Chemical, responsible for creating and selling basic chemicals and vinyls; and Midstream and Marketing, which oversees the gathering, processing, transporting, and marketing of energy resources.
Current Market Analysis
Recent analysis within the Oil & Gas Exploration and Production industry suggests a “hold” recommendation for investors in Occidental Petroleum. The company’s stock price currently stands at $51.64, substantially lower than its target high price of $85.00, indicating significant upside potential. The target mean price is projected at $67.91, reflecting analysts’ optimism about potential growth despite current market volatility. With total revenues reported at approximately $27.12 billion, Occidental demonstrates robust financial health, supporting its strong position in a competitive landscape. However, with 6.53% of its float currently held short, market sentiment appears cautious, advising investors to maintain their positions for now.
Price Trends and Analyst Recommendations
Occidental’s stock has shown notable volatility, trading within a 52-week range of $49.91 to $71.19. As of now, the stock is positioned well below its annual peak, suggesting a bearish sentiment in the market. The fifty-day moving average of $56.99 further indicates that the stock has dipped approximately $5.33 lower than recent trends. Analysts maintain a consensus recommendation of “hold,” based on a mean recommendation score of 2.6 from 23 opinions, highlighting the need for caution as predictions around the company’s future performance continue to vary. With a target low price set at $53.00, investors are advised to monitor both market conditions and company developments closely in the coming months.
| Metric | Value |
|---|---|
| Market Cap | $47.3b |
| Total Debt | $20.8b |
| Total Cash | $1.8b |
| Shares Outstanding | 916.2m |
| Float Shares | 902.6m |
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