Occidental Petroleum (NYSE:OXY – Get Free Report) was upgraded by analysts at The Goldman Sachs Group from a “sell” rating to a “neutral” rating in a research note issued on Thursday. The brokerage currently has a $64.00 price target on the oil and gas producer’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 8.75% from the company’s previous close.
A number of other equities research analysts have also commented on OXY. Wolfe Research upped their target price on Occidental Petroleum from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Monday, April 6th. Susquehanna upped their price objective on shares of Occidental Petroleum from $60.00 to $67.00 and gave the company a “positive” rating in a report on Tuesday, April 21st. Capital One Financial cut their price objective on shares of Occidental Petroleum from $69.00 to $67.00 and set an “equal weight” rating on the stock in a research note on Monday, April 13th. HSBC lifted their price objective on Occidental Petroleum from $59.00 to $68.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Finally, JPMorgan Chase & Co. decreased their price objective on Occidental Petroleum from $64.00 to $63.00 in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, sixteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $62.87.
Read Our Latest Research Report on Occidental Petroleum
Occidental Petroleum Trading Down 3.0%
Occidental Petroleum (NYSE:OXY – Get Free Report) last issued its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.46. The company had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.44 billion. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The firm’s quarterly revenue was down 8.3% on a year-over-year basis. During the same quarter last year, the business posted $0.14 EPS. On average, equities research analysts anticipate that Occidental Petroleum will post 5.14 earnings per share for the current year.
Institutional Trading of Occidental Petroleum
A number of institutional investors and hedge funds have recently modified their holdings of OXY. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Occidental Petroleum by 12.5% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer’s stock valued at $111,000 after acquiring an additional 196 shares during the last quarter. Athena Wealth Management LLC raised its position in shares of Occidental Petroleum by 1.2% in the first quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer’s stock valued at $1,206,000 after buying an additional 214 shares during the last quarter. Carrera Capital Advisors boosted its position in Occidental Petroleum by 0.5% during the fourth quarter. Carrera Capital Advisors now owns 44,279 shares of the oil and gas producer’s stock worth $1,831,000 after acquiring an additional 227 shares during the last quarter. Summit Securities Group LLC raised its holdings in Occidental Petroleum by 18.5% in the 4th quarter. Summit Securities Group LLC now owns 1,469 shares of the oil and gas producer’s stock valued at $60,000 after acquiring an additional 229 shares during the last quarter. Finally, Apella Capital LLC grew its position in shares of Occidental Petroleum by 3.4% in the fourth quarter. Apella Capital LLC now owns 7,019 shares of the oil and gas producer’s stock valued at $289,000 after purchasing an additional 233 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.
About Occidental Petroleum
Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.
Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.
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