Occidental Petroleum (OXY) saw its stock price plummet by 5.03% during intraday trading on Tuesday, as multiple analysts downgraded the company and lowered their price targets. The sharp decline comes amid growing concerns about oil prices and the potential impact of a global recession on the energy market.

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. TD Cowen analysts noted that cash flows are under pressure, and return on capital remains challenged by overhangs from debt and Berkshire Hathaway's preferred shares.

Adding to the bearish sentiment, UBS lowered its price target on Occidental from $52 to $44, maintaining a Neutral rating. UBS analysts pointed to increased uncertainty around economic activity and commodity prices as factors in their decision. The threat of a global recession hanging over the energy market has also contributed to the negative outlook, with Goldman Sachs warning that oil prices could potentially fall below $40 a barrel in an "extreme scenario." These developments have led investors to reassess their positions in oil-weighted stocks like Occidental, contributing to the significant sell-off observed in Tuesday's trading session.