Occidental Petroleum (NYSE:OXY) Raised to Strong-Buy at Hsbc Global Res

Occidental Petroleum (NYSE:OXY) was upgraded by investment analysts at Hsbc Global Res from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Friday,Zacks.com reports.

A number of other research firms also recently issued reports on OXY. UBS Group cut their target price on shares of Occidental Petroleum from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Friday. Weiss Ratings restated a “hold (c-)” rating on shares of Occidental Petroleum in a research report on Saturday, September 27th. Melius initiated coverage on shares of Occidental Petroleum in a research report on Wednesday, August 20th. They set a “hold” rating and a $64.00 target price on the stock. JPMorgan Chase & Co. upped their target price on shares of Occidental Petroleum from $47.00 to $48.00 and gave the company a “neutral” rating in a research report on Tuesday, July 15th. Finally, Roth Capital upped their target price on shares of Occidental Petroleum from $45.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $52.87.

Occidental Petroleum Stock Up 1.4%

Shares of NYSE OXY opened at $44.86 on Friday. The firm’s 50-day simple moving average is $45.63 and its 200 day simple moving average is $43.82. The company has a market cap of $44.16 billion, a price-to-earnings ratio of 26.54 and a beta of 0.95. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. Occidental Petroleum has a 12-month low of $34.78 and a 12-month high of $56.49.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The firm’s quarterly revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.03 EPS. On average, research analysts expect that Occidental Petroleum will post 3.58 earnings per share for the current fiscal year.

Institutional Trading of Occidental Petroleum

A number of hedge funds have recently modified their holdings of OXY. Merit Financial Group LLC raised its position in shares of Occidental Petroleum by 53.5% in the 1st quarter. Merit Financial Group LLC now owns 12,254 shares of the oil and gas producer’s stock valued at $605,000 after acquiring an additional 4,270 shares during the period. Insight Advisors LLC PA raised its holdings in Occidental Petroleum by 11.4% during the 1st quarter. Insight Advisors LLC PA now owns 5,395 shares of the oil and gas producer’s stock worth $266,000 after buying an additional 550 shares during the period. Procyon Advisors LLC raised its holdings in Occidental Petroleum by 6.4% during the 1st quarter. Procyon Advisors LLC now owns 55,375 shares of the oil and gas producer’s stock worth $2,733,000 after buying an additional 3,331 shares during the period. SeaCrest Wealth Management LLC acquired a new stake in Occidental Petroleum during the 1st quarter worth approximately $204,000. Finally, Chemistry Wealth Management LLC raised its holdings in Occidental Petroleum by 65.1% during the 1st quarter. Chemistry Wealth Management LLC now owns 41,754 shares of the oil and gas producer’s stock worth $2,061,000 after buying an additional 16,459 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.