Occidental Petroleum (NYSE:OXY) PT Raised to $72.00

Occidental Petroleum (NYSE:OXY) had its price target raised by investment analysts at Morgan Stanley from $66.00 to $72.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas producer’s stock. Morgan Stanley’s price objective would indicate a potential upside of 10.80% from the company’s previous close.

Several other research analysts have also recently weighed in on OXY. Mizuho upped their price target on shares of Occidental Petroleum from $63.00 to $69.00 and gave the company a “neutral” rating in a report on Friday, March 22nd. Truist Financial reduced their price target on shares of Occidental Petroleum from $80.00 to $77.00 and set a “buy” rating for the company in a report on Friday, February 16th. Raymond James reduced their target price on shares of Occidental Petroleum from $70.00 to $68.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 24th. JPMorgan Chase & Co. reduced their target price on shares of Occidental Petroleum from $78.00 to $73.00 and set a “neutral” rating for the company in a report on Friday, December 8th. Finally, StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Occidental Petroleum presently has an average rating of “Moderate Buy” and a consensus target price of $70.19.

Occidental Petroleum Trading Up 1.2 %

Shares of OXY traded up $0.78 on Thursday, reaching $64.98. 4,457,353 shares of the company’s stock were exchanged, compared to its average volume of 8,695,635. The company has a current ratio of 0.92, a quick ratio of 0.69 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $57.60 billion, a P/E ratio of 16.63 and a beta of 1.63. The business has a 50 day moving average price of $59.84 and a two-hundred day moving average price of $60.79. Occidental Petroleum has a 12 month low of $55.12 and a 12 month high of $67.67.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, meeting the consensus estimate of $0.74. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The firm had revenue of $7.53 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the prior year, the firm earned $1.61 earnings per share. The business’s quarterly revenue was down 9.6% on a year-over-year basis. Research analysts anticipate that Occidental Petroleum will post 3.56 earnings per share for the current year.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds have recently bought and sold shares of the business. Oppenheimer & Co. Inc. grew its stake in Occidental Petroleum by 8.6% during the third quarter. Oppenheimer & Co. Inc. now owns 156,279 shares of the oil and gas producer’s stock worth $10,139,000 after buying an additional 12,349 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Occidental Petroleum during the third quarter worth about $29,665,000. Calamos Wealth Management LLC acquired a new stake in Occidental Petroleum during the third quarter worth about $5,758,000. Kentucky Retirement Systems acquired a new stake in Occidental Petroleum during the third quarter worth about $3,391,000. Finally, Mitchell Capital Management Co. grew its stake in Occidental Petroleum by 100.2% during the third quarter. Mitchell Capital Management Co. now owns 123,287 shares of the oil and gas producer’s stock worth $7,999,000 after buying an additional 61,705 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

About Occidental Petroleum

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.