Occidental Petroleum (OXY) Stock Forecast & Price Target

$50.41

-0.15 (-0.30%)

(As of 11/5/2024 ET)

Occidental Petroleum - Analysts' Recommendations and Stock Price Forecast (2024)

MarketBeat calculates consensus analyst ratings for stocks using the most recent rating from each Wall Street analyst that has rated a stock within the last twelve months. Each analyst's rating is normalized to a standardized rating score of 1 (sell), 2 (hold), 3 (buy) or 4 (strong buy). Analyst consensus ratings scores are calculated using the mean average of the number of normalized sell, hold, buy and strong buy ratings from Wall Street analysts. Each stock's consensus analyst rating is derived from its calculated consensus ratings score (0 to .5 = Strong Sell, .5 to 1 = Sell, 1 to 1.5 = Reduce, 1.5 to 2.5 = Hold, 2.5 to 3.0 = Moderate Buy, 3.0 to 3.5 = Buy, >3.5 = Strong Buy). MarketBeat's consensus price targets are a mean average of the most recent available price targets set by each analyst that has set a price target for the stock in the last twelve months. MarketBeat's consensus ratings and consensus price targets may differ from those calculated by other firms due to differences in methodology and available data.

Consensus Rating

Hold

Based on 18 Analyst Ratings

Sell
1

Hold
11

Buy
6

Based on 18 Wall Street analysts who have issued ratings for Occidental Petroleum in the last 12 months, the stock has a consensus rating of "Hold." Out of the 18 analysts, 1 has given a sell rating, 11 have given a hold rating, 5 have given a buy rating, and 1 has given a strong buy rating for OXY.

Consensus Price Target

$65.72
30.38% Upside

According to the 18 analysts' twelve-month price targets for Occidental Petroleum, the average price target is $65.72. The highest price target for OXY is $81.00, while the lowest price target for OXY is $55.00. The average price target represents a forecasted upside of 30.38% from the current price of $50.41.

OXY Analyst Ratings Over Time

Type	Current Forecast 11/6/23 to 11/5/24	1 Month Ago 10/7/23 to 10/6/24	3 Months Ago 8/8/23 to 8/7/24	1 Year Ago 11/6/22 to 11/6/23
Strong Buy	1 Strong Buy rating(s)	1 Strong Buy rating(s)	1 Strong Buy rating(s)	1 Strong Buy rating(s)
Buy	5 Buy rating(s)	5 Buy rating(s)	5 Buy rating(s)	8 Buy rating(s)
Hold	11 Hold rating(s)	10 Hold rating(s)	9 Hold rating(s)	7 Hold rating(s)
Sell	1 Sell rating(s)	1 Sell rating(s)	0 Sell rating(s)	2 Sell rating(s)
Consensus Price Target	$65.72	$67.18	$72.31	$70.76
Forecasted Upside	30.38% Upside	20.47% Upside	28.88% Upside	14.58% Upside
Consensus Rating	Hold	Hold	Hold	Hold

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OXY Analyst Recommendations By Month

The chart below shows how a company's ratings by analysts have changed over time. Each bar represents the previous year of ratings for that month. Within each bar, the sell ratings are shown in red, the hold ratings are shown in yellow, the buy ratings are shown in green, and the strong buy ratings are shown in dark green.

OXY Price Targets by Month

The chart below shows how a company's share price and consensus price target have changed over time. The dark blue line represents the company's actual price. The lighter blue line represents the stock's consensus price target. The even lighter blue range in the background of the two lines represents the low price target and the high price target for each stock.

Occidental Petroleum Stock vs. The Competition

Type	Occidental Petroleum	Oils/Energy Companies	S&P 500
Consensus Rating Score	2.33	2.64	2.50
Consensus Rating	Hold	Moderate Buy	Hold
Predicted Upside	30.89% Upside	1,528.80% Upside	9.72% Upside
News Sentiment Rating	Neutral News See Recent OXY News	Neutral News	Positive News

Recent Analyst Forecasts and Stock Ratings

Rating

Upside/Downside

Action

Time Frame

Start Date

End Date

Show

Export to Excel

Date	Brokerage	Analyst Name	Action	Rating	Price Target	Upside/Downside on Report Date
10/18/2024	Susquehanna 2 of 5 stars		Lower Target	Positive ➝ Positive	$78.00 ➝ $77.00	+48.85%
10/17/2024	Bank of America 4 of 5 stars		Initiated Coverage	Neutral	$57.00	+11.20%
10/10/2024	Scotiabank 5 of 5 stars		Lower Target	Sector Outperform ➝ Sector Outperform	$80.00 ➝ $65.00	+18.79%
10/4/2024	BMO Capital Markets Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Market Perform ➝ Market Perform	$70.00 ➝ $65.00	+16.70%
10/3/2024	Barclays Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Equal Weight ➝ Equal Weight	$67.00 ➝ $58.00	+7.31%
10/2/2024	The Goldman Sachs Group Subscribe to MarketBeat All Access for the recommendation accuracy rating	N. Mehta Subscribe to MarketBeat All Access for the recommendation accuracy rating	Initiated Coverage	Neutral	$55.00	+3.29%
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9/30/2024	Evercore ISI Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Underperform ➝ Underperform	$67.00 ➝ $63.00	+22.85%
9/30/2024	Truist Financial Subscribe to MarketBeat All Access for the recommendation accuracy rating	N. Dingmann Subscribe to MarketBeat All Access for the recommendation accuracy rating	Lower Target	Hold ➝ Hold	$65.00 ➝ $56.00	+7.96%
9/27/2024	Wells Fargo & Company Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Equal Weight ➝ Equal Weight	$65.00 ➝ $56.00	+10.76%
9/18/2024	UBS Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Neutral ➝ Neutral	$70.00 ➝ $59.00	+13.94%
9/16/2024	Mizuho Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Neutral ➝ Neutral	$76.00 ➝ $72.00	+39.70%
8/8/2024	Stephens Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Overweight ➝ Overweight	$76.00 ➝ $76.00	+29.65%
7/18/2024	Wolfe Research Subscribe to MarketBeat All Access for the recommendation accuracy rating	D. Leggate Subscribe to MarketBeat All Access for the recommendation accuracy rating	Initiated Coverage	Outperform	$81.00	+28.26%
5/24/2024	Citigroup Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Neutral ➝ Neutral	$69.00 ➝ $65.00	+4.27%
4/8/2024	HSBC Subscribe to MarketBeat All Access for the recommendation accuracy rating		Initiated Coverage	Hold	$65.00	-6.14%
3/28/2024	Morgan Stanley Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Overweight ➝ Overweight	$66.00 ➝ $72.00	+10.74%
1/24/2024	Raymond James Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Strong-Buy ➝ Strong-Buy	$70.00 ➝ $68.00	+18.72%
12/8/2023	JPMorgan Chase & Co. Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Neutral ➝ Neutral	$78.00 ➝ $73.00	+29.18%
9/12/2023	Roth Mkm Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Neutral ➝ Neutral	$60.00	-8.72%
6/13/2023	51job Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Maintains
6/13/2023	Piper Sandler Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target		$61.00 ➝ $62.00	+4.75%
3/28/2023	TD Cowen Subscribe to MarketBeat All Access for the recommendation accuracy rating		Upgrade	Market Perform ➝ Outperform	$63.00 ➝ $70.00	+17.35%
2/27/2023	Roth Capital Subscribe to MarketBeat All Access for the recommendation accuracy rating	L. Mariani Subscribe to MarketBeat All Access for the recommendation accuracy rating	Reiterated Rating	Neutral
11/9/2022	Credit Suisse Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Underperform	$63.00 ➝ $65.00	-10.60%

Analyst ratings data on MarketBeat is provided by Benzinga and other data providers. This page was last refreshed on Tuesday at 10:43 PM ET.

Should I Buy Occidental Petroleum Stock? OXY Pros and Cons Explained

These pros and cons were generated based on recent news and financial data from MarketBeat in order to provide readers with the fastest and most accurate insights. They were last updated on Thursday, October 24, 2024. Please send any questions or comments about these Occidental Petroleum pros and cons to contact@marketbeat.com.

Occidental Petroleum
Bull Case

Here are some ways that investors could benefit from investing in Occidental Petroleum Co.:

Occidental Petroleum Co. reported higher-than-expected earnings per share (EPS) for the quarter, indicating strong financial performance.
The company's revenue was up compared to the same quarter last year, showing growth in its business operations.
Occidental Petroleum Co. has a solid return on equity of 17.91%, reflecting efficient use of shareholder funds to generate profits.
Recent insider transactions show confidence in the company, with a major shareholder selling shares at a significant value, suggesting positive outlook.
Institutional investors, including well-known entities like Berkshire Hathaway Inc., have been increasing their holdings in Occidental Petroleum Co., signaling institutional confidence in the company's future prospects.

Occidental Petroleum
Bear Case

Investors should be bearish about investing in Occidental Petroleum Co. for these reasons:

Occidental Petroleum Co.'s dividend payout ratio is relatively high at 24.04%, which may indicate a potential strain on the company's cash reserves.
The recent sale of a significant number of shares by a major shareholder could raise concerns about the company's future performance or strategic direction.
While the revenue was up compared to the previous year, it was slightly below analysts' expectations, which might lead to market uncertainty.
Occidental Petroleum Co.'s stock price has been volatile, potentially posing risks for short-term investors seeking stable returns.
The oil and gas industry is subject to market fluctuations and regulatory changes, which could impact Occidental Petroleum Co.'s profitability and operations.

OXY Forecast - Frequently Asked Questions

: According to the research reports of 18 Wall Street equities research analysts, the average twelve-month stock price forecast for Occidental Petroleum is $65.72, with a high forecast of $81.00 and a low forecast of $55.00.
: 18 Wall Street equities research analysts have issued "buy," "hold," and "sell" ratings for Occidental Petroleum in the last twelve months. There is currently 1 sell rating, 11 hold ratings, 5 buy ratings and 1 strong buy rating for the stock. The consensus among Wall Street equities research analysts is that investors should "hold" OXY shares. A hold rating indicates that analysts believe investors should maintain any existing positions they have in OXY, but not buy additional shares or sell existing shares.
: According to analysts, Occidental Petroleum's stock has a predicted upside of 30.38% based on their 12-month stock forecasts.
: Occidental Petroleum has been rated by research analysts at Bank of America, Barclays, BMO Capital Markets, Evercore ISI, Mizuho, Scotiabank, Stephens, Susquehanna, The Goldman Sachs Group, Truist Financial, UBS Group, and Wells Fargo & Company in the past 90 days.
: Analysts like Occidental Petroleum less than other "oils/energy" companies. The consensus rating for Occidental Petroleum is Hold while the average consensus rating for "oils/energy" companies is Moderate Buy. Learn more on how OXY compares to other companies.

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This page (NYSE:OXY) was last updated on 11/5/2024 by MarketBeat.com Staff

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Occidental Petroleum (OXY) Stock Forecast & Price Target