Occidental Petroleum (NYSE:OXY) Given New $73.00 Price Target at Barclays

Occidental Petroleum (NYSE:OXY) had its target price boosted by stock analysts at Barclays from $71.00 to $73.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the oil and gas producer’s stock. Barclays‘s price objective points to a potential upside of 24.33% from the stock’s previous close.

A number of other brokerages have also commented on OXY. Weiss Ratings raised shares of Occidental Petroleum from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, October 13th. UBS Group raised their price objective on Occidental Petroleum from $67.00 to $73.00 and gave the stock a “neutral” rating in a report on Wednesday, October 14th. Morgan Stanley lifted their target price on Occidental Petroleum from $69.00 to $71.00 and gave the company an “equal weight” rating in a research report on Thursday, October 15th. Seaport Research Partners assumed coverage on Occidental Petroleum in a report on Thursday, September 3rd. They issued a “buy” rating and a $73.00 target price for the company. Finally, Piper Sandler started coverage on Occidental Petroleum in a research report on Tuesday, October 27th. They set a “neutral” rating and a $69.00 price target on the stock. Twelve analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $67.71.

Occidental Petroleum Trading Up 0.5%

Shares of NYSE:OXY traded up $0.32 on Friday, hitting $58.72. 1,635,432 shares of the company’s stock were exchanged, compared to its average volume of 11,912,922. The stock has a market capitalization of $58.71 billion, a price-to-earnings ratio of 7.90, a price-to-earnings-growth ratio of 0.65 and a beta of 0.16. Occidental Petroleum has a 12 month low of $38.80 and a 12 month high of $67.45. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.38 and a quick ratio of 1.13. The business’s 50 day simple moving average is $59.79 and its two-hundred day simple moving average is $56.56.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Monday, November 9th. The oil and gas producer reported $1.91 EPS for the quarter, topping the consensus estimate of $1.46 by $0.45. Occidental Petroleum had a net margin of 32.17% and a return on equity of 18.55%. The company had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.82 billion. During the same quarter last year, the firm posted $0.64 EPS. The firm’s revenue was up 20.6% compared to the same quarter last year. Analysts anticipate that Occidental Petroleum will post 6.95 EPS for the current fiscal year.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds have recently bought and sold shares of the stock. Xcelsior Advisor Partners LLC boosted its position in shares of Occidental Petroleum by 9.5% during the 3rd quarter. Xcelsior Advisor Partners LLC now owns 7,388 shares of the oil and gas producer’s stock worth $409,000 after purchasing an additional 640 shares in the last quarter. Bleakley Financial Group LLC increased its position in Occidental Petroleum by 51.8% during the third quarter. Bleakley Financial Group LLC now owns 210,812 shares of the oil and gas producer’s stock worth $11,662,000 after buying an additional 71,907 shares in the last quarter. Essex Financial Services Inc. acquired a new position in Occidental Petroleum in the 3rd quarter valued at about $296,000. Polymer Capital Management US LLC boosted its position in Occidental Petroleum by 58.0% during the third quarter. Polymer Capital Management US LLC now owns 92,098 shares of the oil and gas producer’s stock worth $5,095,000 after acquiring an additional 33,792 shares during the last quarter. Finally, N.F.U. MUTUAL UNIT MANAGERS Ltd acquired a new position in Occidental Petroleum in the third quarter valued at $1,359,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation is an energy and chemicals company headquartered in Houston, Texas. Its oil and gas business explores for and produces crude oil, natural gas liquids and natural gas, with operations in the United States and international markets, including the Middle East and North Africa. Through its OxyChem business, Occidental manufactures and markets basic chemicals and vinyl products used in applications such as water treatment, construction and consumer goods. The company also develops carbon management and lower-carbon technology projects, including carbon capture and storage.