Occidental on the Street: Reading the Wall Street Ratings
As of August 21, 2017, ~61% of the analysts covering Occidental Petroleum (OXY) have issued “hold” recommendations on the stock.
As of the same date, 23 analysts have provided recommendations for OXY. Of these, four analysts have issued “strong buy” recommendations, while three analysts have issued “buys,” and 14 have issued “holds.” Only one analyst has issued a “sell,” and only one has issued a “strong sell.”
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The above Wall Street analysts have given a median target price of $65.50 for OXY stock, which is ~11% higher than the stock’s closing price of $58.84 on August 21, 2017.
The mean target price for OXY stock from these recommendations is $65.13, which is slightly lower than the median target price.
In the past month, the analyst recommendations for OXY stock have remained unchanged, though its median and mean target prices have fallen. The median target price has dropped from $66.50 to $65.50, while its mean target price has fallen from $65.47 to $65.13.
In the most recent target price change, Barclays raised the target price for OXY stock by ~9% to $38.
Other oil and gas producers
Based on the mean price target prices from Wall Street analysts, Devon Energy (DVN) and Pioneer Natural Resources (PXD) have potential upsides of ~40% and ~53%, respectively, from their closing prices on August 21. Diamondback Energy (FANG) has the potential upside of ~38%.
Notably, FANG, Devon Energy, and Pioneer Natural Resources all have operations in the Permian Basin. Investors should note that the SPDR S&P Oil and Gas Exploration & Production ETF (XOP) generally invests at least 80% of its total assets in oil and gas exploration companies.