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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