Piper Sandler has revised its price target for Occidental Petroleum (OXY, Financial), reducing it from $50 to $48 while maintaining a Neutral rating on the stock. This adjustment reflects the firm's assessment of a challenging market environment as the first quarter approaches.
The backdrop includes uncertainties from trade tensions and overall macroeconomic challenges, compounded by an increase in OPEC+ oil supply. Additionally, seasonal variations in gas markets contribute to a complex scenario for the company.
Despite the potential for volatility to create strategic entry points, particularly for companies with robust balance sheets and significant low-cost inventories, Piper Sandler expresses a cautious stance. The firm's current outlook leans more favorably towards oil rather than gas as they prepare for the upcoming 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 $49.38 with a high estimate of $63.11 and a low estimate of $38.00. The average target implies an upside of 26.55% from the current price of $39.02. 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 $55.38, suggesting a upside of 41.93% from the current price of $39.02. 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.
