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Occidental Petroleum Shares Plummets, Fared Poorly in the Market

Occidental Petroleum Corp. shares +2.22% dropped 4.32% to $24.82 Monday. This proved to be an all-around poor trading session for the stock market, with the S&P 500 Index SPX, +1.52% falling 1.59% to 4,258.49 and Dow Jones Industrial Average DJIA, +1.62% falling 2.09% to 33,962.04.

Occidental Petroleum Corp. closed $8.68 short of its 52-week high ($33.50), which the company achieved on July 1st.The stock underperformed when compared to some of its competitors Monday, as Exxon Mobil Corp. XOM, +1.10% fell 3.44% to $55.35, Chevron Corp. CVX, +0.59% fell 2.70% to $95.96, and ConocoPhillips COP, +1.43% fell 3.24% to $53.70.

Occidental Petroleum Shares Plummets, Fared Poorly in the MarketOccidental Petroleum Corp trading volume (28.3 M) eclipsed its 50-day average volume of 18.1 M.This was the stock’s fourth consecutive day of losses. Most large publicly traded oil and gas companies have declared their intentions to reduce carbon and methane emissions in a meaningful way.had its target price increased by investment analysts at Mizuho from $37.00 to $39.00 in a note issued to investors on Thursday, The Fly reports. The brokerage presently has a “buy” rating on the oil and gas producer’s stock. Mizuho’s target price indicates a potential upside of 40.14% from the stock’s current price.

OXY has been the topic of several other research reports. Societe Generale raised Occidental Petroleum from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Monday, May 17th. Morgan Stanley reissued an “average” rating and issued a $32.00 target price on shares of Occidental Petroleum in a report on Sunday, June 20th.

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