The shares of Occidental Petroleum Corporation (NYSE: OXY) plummeted more than 4% on Friday, after Goldman Sachs downgraded the stock to “Sell” from “Neutral”, as it cited weaker capital returns and balance sheet concerns.
The Wall Street bank also revised down its 12-month price target on the stock to $45 per share from $54 previously.
“While we see longer-term catalysts for OXY to achieve its debt target and return to focusing on capital returns to shareholders, in the near-term as the company continues to focus on deleveraging the balance sheet, we believe that share price improvement will remain more limited,” Goldman Sachs analysts wrote in an investor note.
Stock Performance
The shares of Occidental Petroleum Corporation (OXY) closed 4.64% ($2.27) lower at $46.65 in New York on Friday. It has been the lowest closing price for the stock since December 19th 2024.
The company’s total market cap now stands at $43.774 billion.
The shares of Occidental Petroleum Corporation (OXY) went down 17.25% in 2024, compared with a 23.30% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have lost another 5.58% of their value so far this year.
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