Occidental Petroleum (NYSE:OXY – Get Free Report) had its target price hoisted by investment analysts at Susquehanna from $70.00 to $77.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “positive” rating on the oil and gas producer’s stock. Susquehanna’s price objective would indicate a potential upside of 22.62% from the company’s previous close.
A number of other equities analysts have also weighed in on OXY. Barclays lowered their price objective on Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. Truist Financial lifted their price target on Occidental Petroleum from $63.00 to $64.00 and gave the stock a “hold” rating in a report on Thursday, October 15th. Wall Street Zen raised shares of Occidental Petroleum from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 10th. Morgan Stanley upped their price objective on shares of Occidental Petroleum from $69.00 to $71.00 and gave the company an “equal weight” rating in a report on Thursday, October 15th. Finally, Stifel Nicolaus began coverage on shares of Occidental Petroleum in a research report on Thursday, September 10th. They set a “hold” rating and a $68.00 price objective for the company. Thirteen research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $67.46.
Get Our Latest Stock Analysis on Occidental Petroleum
Occidental Petroleum Trading Up 0.7%
Shares of Occidental Petroleum stock opened at $62.80 on Tuesday. The stock has a market cap of $62.77 billion, a P/E ratio of 9.72, a P/E/G ratio of 0.92 and a beta of 0.24. The stock’s 50 day simple moving average is $59.49 and its 200-day simple moving average is $57.20. Occidental Petroleum has a 1-year low of $38.80 and a 1-year high of $67.45. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13.
Occidental Petroleum (NYSE:OXY – Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%. The business had revenue of $8.06 billion during the quarter, compared to analyst estimates of $7.07 billion. During the same period in the prior year, the business earned $0.39 earnings per share. The business’s revenue was up 53.4% compared to the same quarter last year. Analysts predict that Occidental Petroleum will post 6.56 EPS for the current fiscal year.
Institutional Trading of Occidental Petroleum
Hedge funds and other institutional investors have recently modified their holdings of the business. Berkshire Hathaway Inc acquired a new position in Occidental Petroleum in the second quarter valued at about $12,868,205,000. State Street Corp raised its stake in shares of Occidental Petroleum by 6.6% in the 2nd quarter. State Street Corp now owns 46,141,269 shares of the oil and gas producer’s stock valued at $2,252,271,000 after acquiring an additional 2,870,472 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Occidental Petroleum by 84.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock valued at $516,975,000 after acquiring an additional 4,882,834 shares during the period. Danske Bank A S acquired a new position in shares of Occidental Petroleum in the 2nd quarter worth approximately $172,413,000. Finally, Legal & General Group Plc acquired a new position in shares of Occidental Petroleum in the 2nd quarter worth approximately $168,860,000. 88.70% of the stock is owned by institutional investors and hedge funds.
More Occidental Petroleum News
Here are the key news stories impacting Occidental Petroleum this week:
- Positive Sentiment: Roth upgraded Occidental Petroleum to Buy, describing it as one of the better ways to participate in potential oil-price upside. Occidental Petroleum raised to Buy at Roth
- Positive Sentiment: Stephens raised its price target from $78 to $80 and maintained an Overweight rating, implying substantial potential appreciation from the reference price. Stephens raises Occidental price target
- Positive Sentiment: Analysts’ upward earnings-estimate revisions are signaling improving expectations for OXY’s near-term results and potentially continued momentum. Surging earnings estimates signal upside
- Positive Sentiment: Zacks also highlights Occidental as a long-term value stock, supported by its relatively modest valuation and improving earnings outlook. The company’s latest reported quarter featured earnings and revenue well above consensus estimates. Occidental as a top value stock
- Positive Sentiment: Coverage of Warren Buffett and Greg Abel’s Berkshire Hathaway holdings keeps investor attention focused on Berkshire’s OXY stake and suggests confidence in the oil producer’s longer-term potential, though the articles also note the risks of concentrated or cyclical investments. Greg Abel’s Berkshire Hathaway stocks
- Neutral Sentiment: J.P. Morgan and Morgan Stanley reiterated Hold ratings, indicating that some analysts see limited near-term catalysts despite the improved outlook. J.P. Morgan maintains Hold
- Neutral Sentiment: Occidental is exploring partnership opportunities with Algeria’s Sonatrach, but no transaction or financial terms have been announced. Sonatrach and Oxy partnership discussions
- Negative Sentiment: Venezuela’s proposed $76 billion oil-investment expansion could eventually increase global supply, potentially weighing on crude prices and oil producers’ margins. The effect on OXY is uncertain and likely longer term. Venezuela expects oil investment boost
About Occidental Petroleum
Occidental Petroleum Corporation is an energy company engaged in oil and natural gas exploration, development and production. Its operations are focused primarily on the United States, including the Permian and DJ basins, as well as selected international regions in the Middle East and North Africa.
The company’s OxyChem subsidiary manufactures and markets chlor-alkali chemicals, vinyls and other chemical products used in water treatment, construction, healthcare, packaging and industrial applications.
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