Occidental Petroleum (NYSE:OXY – Get Free Report) had its price target increased by equities research analysts at Morgan Stanley from $73.00 to $74.00 in a report released on Thursday,MarketScreener reports. Morgan Stanley’s price objective would indicate a potential upside of 24.76% from the company’s previous close.
Several other brokerages have also recently issued reports on OXY. Weiss Ratings raised Occidental Petroleum from a “hold (c-)” rating to a “hold (c+)” rating in a report on Wednesday, May 6th. TD Cowen increased their price objective on shares of Occidental Petroleum from $48.00 to $54.00 and gave the company a “hold” rating in a research note on Monday, February 23rd. Jefferies Financial Group raised their target price on shares of Occidental Petroleum from $47.00 to $58.00 and gave the company a “hold” rating in a report on Monday, April 13th. Mizuho upped their price target on shares of Occidental Petroleum from $67.00 to $72.00 and gave the company an “outperform” rating in a report on Tuesday, March 17th. Finally, HSBC raised their price objective on shares of Occidental Petroleum from $59.00 to $68.00 and gave the stock a “buy” rating in a research note on Friday, March 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, sixteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $62.91.
View Our Latest Research Report on OXY
Occidental Petroleum Stock Performance
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 business had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.44 billion. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The company’s revenue for the quarter was down 8.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.14 EPS. As a group, research analysts anticipate that Occidental Petroleum will post 5.14 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Occidental Petroleum
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its position in Occidental Petroleum by 21.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock valued at $436,008,000 after acquiring an additional 1,883,721 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Occidental Petroleum by 44.6% during the 1st quarter. Bank of New York Mellon Corp now owns 5,761,082 shares of the oil and gas producer’s stock valued at $374,470,000 after purchasing an additional 1,776,922 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Occidental Petroleum by 54.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer’s stock worth $162,820,000 after purchasing an additional 1,393,638 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Occidental Petroleum by 1,029.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer’s stock valued at $70,580,000 after buying an additional 1,361,541 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in Occidental Petroleum by 247.0% during the 1st quarter. Sei Investments Co. now owns 1,734,052 shares of the oil and gas producer’s stock worth $112,719,000 after acquiring an additional 1,234,350 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.
Occidental Petroleum Company Profile
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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