Raymond James has revised its price target for Occidental Petroleum (OXY, Financial), reducing it from $64 to $51 while maintaining an Outperform rating for the company's shares. This adjustment comes in response to significant changes in the energy sector landscape since the release of fourth-quarter results in late February. Notably, oil prices have dropped by approximately $10 per barrel, reflecting a volatile commodity market that has few safe havens.
The sudden changes in the macroeconomic environment for oil, influenced by factors such as trade tensions and OPEC+ decisions, have prompted many companies to adopt a cautious stance. Despite this uncertainty, Raymond James anticipates that Exploration & Production firms under its coverage will deliver performance largely consistent with expectations for the first quarter.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 24 analysts, the average target price for Occidental Petroleum Corp (OXY, Financial) is $49.75 with a high estimate of $64.00 and a low estimate of $38.00. The average target implies an upside of 25.29% from the current price of $39.71. More detailed estimate data can be found on the Occidental Petroleum Corp (OXY) Forecast page.
Based on the consensus recommendation from 27 brokerage firms, Occidental Petroleum Corp's (OXY, Financial) average brokerage recommendation is currently 2.8, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Occidental Petroleum Corp (OXY, Financial) in one year is $55.36, suggesting a upside of 39.41% from the current price of $39.71. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Occidental Petroleum Corp (OXY) Summary page.
