The stock of Occidental Petroleum Corporation (NYSE:OXY) is now priced at $12.74 and the shares are -0.39 points down or -2.97% lower compared to its previous closing price of $13.13. The stock had 17.348 million contracts set over the past session. OXY shares’ daily volume is compared to its average trading volume at 31.393 million shares. However, it has a float of 928 million and although its performance was -6.46% over the week, it’s one to watch. Analysts have given the OXY stock a yearly average price target of $15.86 per share. It means the stock’s upside potential is 24.49% with the OXY share price recently placing at $12.73 to $13.17. However, some brokerage firms have priced the stock below the average, including one that has called $7.
The shorts are running away from the Occidental Petroleum Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the OXY shares have declined. Short interest in the stock represents just 4.8% of its float, but the volume has dropped by 0.
In the last trading session, Occidental Petroleum Corporation (NYSE:OXY) dropped by -$0.88 over the week and lost -$2.51 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $48.85. The stock recorded its established 52-week high on 09/16/19.
Since 03/18/20, the stock has traded to a low of $9 at 41.56%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.89. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Occidental Petroleum Corporation’s two-week RSI is 31.13. This suggests that the stock is neutral at the moment and that OXY shares’ price movement remains stable. The stochastic readings are equally revealing at 6.29% meaning the OXY share price is currently in overbought territory.
The technical chart shows that the OXY stock will likely settle at between $13.03 and $13.32 per share. However, if the stock dips below $12.59, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $12.44.
Currently, the stock is trading in the red of MACD, with a reading of -0.29. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Morgan Stanley raised their recommendation for OXY from Underweight to Equal-Weight in August 21 review while maintain their target price of $14. Tudor Pickering analysts upgraded their recommendation of the stock from Sell to Hold in a flash note released to investors on August 18. JP Morgan seeing the improvements upgraded the stock from Underweight to Neutral on August 13, placing it at $19.
The average rating for the OXY equity is 3.24 and is currently gathering a bearish momentum. Of 25 analysts tracking Occidental Petroleum Corporation polled by Reuters, 17 rated OXY as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 5 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Occidental Petroleum Corporation (NYSE:OXY) will increase by about 30.02%, which will see them reach $4310 million. The company’s full-year revenues are, however, expected to diminish by about -13.42%, down from $21200 million to $18400 million. OXY’s expected adjusted earnings should drop almost -800% to end up at -$0.77 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -345.52% to record -$3.56/share.