Could Occidental Petroleum Corporation (OXY) See a Reversal After Breaking Its 52-Week High?

May 13, 2018 - By Maria Brooks

Occidental Petroleum Corporation (NYSE:OXY) Logo

Investors sentiment increased to 0.93 in Q4 2017. Its up 0.04, from 0.89 in 2017Q3. It improved, as 51 investors sold Occidental Petroleum Corporation shares while 352 reduced holdings. 113 funds opened positions while 262 raised stakes. 613.25 million shares or 1.87% more from 602.00 million shares in 2017Q3 were reported.
360,460 are owned by Jacobs Levy Equity Mngmt. Jupiter Asset Mgmt invested in 86,511 shares. Rhumbline Advisers invested 0.21% of its portfolio in Occidental Petroleum Corporation (NYSE:OXY). Nomura stated it has 67,797 shares or 0.01% of all its holdings. Adams Asset Advsrs Lc reported 57% of its portfolio in Occidental Petroleum Corporation (NYSE:OXY). Advantus Mgmt has 0.14% invested in Occidental Petroleum Corporation (NYSE:OXY) for 77,101 shares. Hsbc Plc holds 1.08M shares or 0.12% of its portfolio. Barclays Public Limited Liability holds 0.04% or 728,267 shares. Vermont-based Prentiss Smith & has invested 0.03% in Occidental Petroleum Corporation (NYSE:OXY). Lpl Lc holds 107,844 shares or 0.02% of its portfolio. Tocqueville Asset Limited Partnership, New York-based fund reported 443,929 shares. Moreover, Greenleaf has 0.01% invested in Occidental Petroleum Corporation (NYSE:OXY). 12,220 were accumulated by Victory Mgmt Inc. Duncker Streett & holds 0.03% or 1,410 shares in its portfolio. S&T Bancorporation Pa owns 1.21% invested in Occidental Petroleum Corporation (NYSE:OXY) for 96,851 shares.

The stock of Occidental Petroleum Corporation (NYSE:OXY) hit a new 52-week high and has $90.92 target or 7.00 % above today’s $84.97 share price. The 7 months bullish chart indicates low risk for the $65.07B company. The 1-year high was reported on May, 13 by Barchart.com. If the $90.92 price target is reached, the company will be worth $4.55 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock.

The stock increased 1.32% or $1.11 during the last trading session, reaching $84.97. About 6.62 million shares traded or 15.60% up from the average. Occidental Petroleum Corporation (NYSE:OXY) has risen 4.69% since May 13, 2017 and is uptrending. It has underperformed by 6.86% the S&P500.

Occidental Petroleum Corporation (NYSE:OXY) Ratings Coverage

Among 15 analysts covering Occidental Petroleum (NYSE:OXY), 5 have Buy rating, 1 Sell and 9 Hold. Therefore 33% are positive. Occidental Petroleum had 23 analyst reports since November 17, 2017 according to SRatingsIntel. The firm has “Overweight” rating by PiperJaffray given on Monday, April 16. As per Friday, March 23, the company rating was upgraded by Deutsche Bank. The firm earned “Underweight” rating on Monday, November 20 by Barclays Capital. The rating was maintained by Piper Jaffray on Tuesday, January 23 with “Hold”. Mizuho maintained it with “Hold” rating and $79.0 target in Tuesday, January 16 report. The company was maintained on Tuesday, November 21 by Mizuho. The company was downgraded on Thursday, January 4 by Bank of America. As per Thursday, February 15, the company rating was maintained by JP Morgan. The rating was maintained by BMO Capital Markets on Thursday, January 11 with “Hold”. Citigroup upgraded Occidental Petroleum Corporation (NYSE:OXY) rating on Monday, January 22. Citigroup has “Hold” rating and $73.0 target.

More recent Occidental Petroleum Corporation (NYSE:OXY) news were published by: 247Wallst.com which released: “Major Oil Boom Shocks Short Sellers” on May 10, 2018. Also Benzinga.com published the news titled: “Investors Underappreciate Occidental Petroleum’s Competitive Advantage, Analyst Says In Upgrade” on April 16, 2018. Globenewswire.com‘s news article titled: “Occidental Petroleum Announces Dividend” with publication date: May 03, 2018 was also an interesting one.

Occidental Petroleum Corporation engages in the acquisition, exploration, and development of gas and oil properties in the United States and internationally. The company has market cap of $65.07 billion. The firm operates in three divisions: Oil and Gas, Chemical, and Midstream and Marketing. It has a 49.98 P/E ratio. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids , and natural gas.

Occidental Petroleum Corporation (NYSE:OXY) Institutional Positions Chart

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