Occidental Petroleum's Price Target Revised Down to $50 by Raymond James

Raymond James has reduced its price target for Occidental Petroleum (OXY) to $50 from $55, maintaining an Outperform rating. The firm expects ongoing macroeconomic uncertainties and oil price stabilization. Analysts predict an average target price of $50.01, with a high estimate of $67.00 and a low estimate of $38.00, implying an upside of 16.29%. The average brokerage recommendation is 2.7, indicating a "Hold" status.

Raymond James has revised its price target for Occidental Petroleum (OXY) from $55 to $50, while maintaining an "Outperform" rating on the shares. The move reflects ongoing macroeconomic uncertainties and the stabilization of oil prices. The analyst, John Freeman, noted that while macroeconomic uncertainty persists, the current oil price recovery has led to minimal changes in management activities [1].

The average analyst target price for OXY stands at $50.01, with estimates ranging from a low of $38.00 to a high of $67.00, indicating an average upside potential of 16.29%. The average brokerage recommendation is 2.7, which translates to a "Hold" status. This suggests a cautious approach from the brokerage community, despite the positive outlook from Raymond James [2].

In addition to Raymond James, other analysts have issued price targets for OXY. For instance, Mark Lear from Piper Sandler set a target price of $50.00, while Roger Read from Wells Fargo set a target of $46.00 [3]. The diverse range of analyst opinions underscores the complexity of predicting OXY's future performance amidst fluctuating market conditions.

Investors should consider the latest developments and broader market trends when evaluating OXY's potential. The company's lobbying activities and insider trading patterns also provide additional context for investors to assess the stock's value [4].

References:
[1] https://www.tipranks.com/news/the-fly/occidental-petroleum-price-target-lowered-to-50-from-55-at-raymond-james-thefly
[2] https://www.nasdaq.com/articles/lobbying-update-45000-occidental-petroleum-lobbying-was-just-disclosed
[3] https://www.gurufocus.com/news/2990796/jcap-raymond-james-initiates-coverage-with-outperform-rating-jcap-stock-news
[4] https://www.quiverquantitative.com