Occidental Petroleum (NYSE:OXY) Given New $59.00 Price Target at Barclays

Occidental Petroleum (NYSE:OXY) had its price objective boosted by research analysts at Barclays from $55.00 to $59.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the oil and gas producer’s stock. Barclays‘s price target would suggest a potential upside of 2.91% from the company’s previous close.

A number of other brokerages have also recently weighed in on OXY. Wolfe Research dropped their price objective on shares of Occidental Petroleum from $55.00 to $54.00 and set an “outperform” rating for the company in a research note on Wednesday, January 21st. Zacks Research raised shares of Occidental Petroleum from a “strong sell” rating to a “hold” rating in a research note on Monday, March 2nd. Morgan Stanley decreased their price target on shares of Occidental Petroleum from $51.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, January 23rd. TD Cowen boosted their price objective on shares of Occidental Petroleum from $48.00 to $54.00 and gave the company a “hold” rating in a research report on Monday, February 23rd. Finally, Argus raised shares of Occidental Petroleum to a “hold” rating in a research note on Friday, February 27th. Nine investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $53.67.

Occidental Petroleum Price Performance

OXY stock traded down $0.55 during midday trading on Monday, hitting $57.33. 7,629,789 shares of the stock were exchanged, compared to its average volume of 14,882,406. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.74 and a current ratio of 0.94. The stock has a market cap of $56.54 billion, a price-to-earnings ratio of 35.60 and a beta of 0.34. Occidental Petroleum has a fifty-two week low of $34.78 and a fifty-two week high of $59.15. The stock’s 50-day moving average price is $47.53 and its 200-day moving average price is $44.61.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Wednesday, February 18th. The oil and gas producer reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.13. Occidental Petroleum had a return on equity of 9.89% and a net margin of 9.14%.The business had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter in the previous year, the company posted $0.80 EPS. The business’s revenue was down 5.2% on a year-over-year basis. Research analysts predict that Occidental Petroleum will post 3.58 earnings per share for the current year.

Insider Transactions at Occidental Petroleum

In other news, Director William R. Klesse purchased 5,000 shares of the company’s stock in a transaction on Tuesday, December 16th. The stock was bought at an average cost of $38.98 per share, for a total transaction of $194,900.00. Following the completion of the purchase, the director directly owned 218,913 shares of the company’s stock, valued at $8,533,228.74. The trade was a 2.34% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.49% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Occidental Petroleum by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock valued at $3,696,716,000 after purchasing an additional 699,137 shares during the period. State Street Corp grew its stake in Occidental Petroleum by 2.1% during the 4th quarter. State Street Corp now owns 39,539,743 shares of the oil and gas producer’s stock valued at $1,635,263,000 after purchasing an additional 828,848 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Occidental Petroleum by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer’s stock valued at $771,949,000 after buying an additional 167,518 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings 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. Finally, Invesco Ltd. grew its holdings in Occidental Petroleum by 18.9% during the 4th quarter. Invesco Ltd. now owns 6,730,847 shares of the oil and gas producer’s stock worth $276,772,000 after acquiring an additional 1,071,948 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

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.