Occidental Petroleum Downgraded at Deutsche Bank (OXY)
Deutsche Bank reported on Monday that they have downgraded oil and gas producer, Occidental Petroleum Corporation(OXY).
The firm reported that they have downgraded OXY from a “Buy” to a “Hold,” and have given the company a price target of $80. This price target suggests a 6% increase over the stock’s current price of $75.21.
Occidental Petroleum shares were mostly flat during premarket trading Monday. The stock is down -19.13% YTD.
The Bottom Line
Shares of Occidental Petroleum (OXY) have a 2.87% dividend yield, based on Friday’s closing stock price of $75.21. The stock has technical support in the $69-$70 price area. If the shares can firm up, we see overhead resistance around the $77-$80 price levels.
Occidental Petroleum Corporation(OXY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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