Shares of Occidental Petroleum (OXY) plummeted 5.03% in intraday trading on Tuesday, as the oil and gas company faced multiple analyst downgrades and price target cuts. The stock's sharp decline comes amid growing concerns about the global oil market and a potential shift in investor preference towards gas-exposed energy stocks.

TD Cowen delivered a significant blow to Occidental by downgrading the stock from Buy to Hold and slashing its price target from $68 to $45. The firm cited weaker returns, elevated debt, and continued productivity issues in OXY's Delaware Basin acreage as reasons for the downgrade. Additionally, TD Cowen expressed concerns about cash flows being under pressure and challenges to the company's return on capital due to overhangs from debt and Berkshire Hathaway's preferred shares.

Adding to the bearish sentiment, UBS also lowered its price target on Occidental from $52 to $44, maintaining a Neutral rating. The firm pointed to increased uncertainty around economic activity and commodity prices as factors influencing its decision. These analyst actions reflect growing worries about the energy sector's performance in the face of a potential global recession, with Goldman Sachs warning that oil prices could fall below $40 a barrel in an "extreme scenario". The threat of an economic downturn appears to be casting a shadow over the entire energy market, particularly affecting oil-focused companies like Occidental Petroleum.