NEW YORK (TheStreet) -- Shares of Occidental Petroleum Corp. (OXY) are declining, lower by 4.15% to $76.46 on heavy trading volume on Monday, after the company had its price target lowered by analysts at Bank of America/Merrill Lynch and Jefferies this morning following the spin-off of its subsidiary, California Resources Corp. (CRC) .
BofA/Merrill Lynch analysts cut its price target on the shares to $105 from $130, but maintained its "buy" rating.
Analysts at investment firm Jefferies also lowered its price target on shares to $104 from $112, but kept its "buy" rating, and said its updated price target reflects the company's reduced equity position following its spin-off.
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About 4.5 million shares of Occidental Petroleum traded hands as of 11:38 a.m. on Monday, compared to its average trading volume of about 2.28 million shares per day.
Separately, TheStreet Ratings team rates OCCIDENTAL PETROLEUM CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate OCCIDENTAL PETROLEUM CORP (OXY) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."