Occidental Petroleum (NYSE:OXY) Rating Increased to Neutral at JPMorgan Chase & Co.

Occidental Petroleum (NYSE:OXY) was upgraded by analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a research report issued on Friday,Finviz reports. The brokerage presently has a $63.00 target price on the oil and gas producer’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 5.68% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. Mizuho boosted their target price on shares of Occidental Petroleum from $67.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday. Wolfe Research decreased their price target on Occidental Petroleum from $55.00 to $54.00 and set an “outperform” rating for the company in a research note on Wednesday, January 21st. Raymond James Financial reissued an “outperform” rating and issued a $50.00 price objective on shares of Occidental Petroleum in a report on Tuesday, November 25th. Susquehanna upped their price objective on Occidental Petroleum from $51.00 to $60.00 and gave the company a “positive” rating in a research note on Friday, February 20th. Finally, Morgan Stanley reduced their target price on Occidental Petroleum from $51.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, January 23rd. Nine equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and a consensus price target of $55.14.

Occidental Petroleum Price Performance

OXY stock opened at $59.61 on Friday. The company has a market capitalization of $58.80 billion, a PE ratio of 37.03 and a beta of 0.34. The company has a quick ratio of 0.74, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The stock’s 50 day moving average is $48.85 and its two-hundred day moving average is $44.94. Occidental Petroleum has a 52-week low of $34.78 and a 52-week high of $60.73.

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

Hedge Funds Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently modified their holdings of the company. Caitlin John LLC bought a new position in shares of Occidental Petroleum during the fourth quarter worth about $29,000. Activest Wealth Management lifted its position in Occidental Petroleum by 68.5% in the 4th quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer’s stock valued at $31,000 after purchasing an additional 305 shares during the last quarter. Rossby Financial LCC boosted its stake in Occidental Petroleum by 155.0% during the 4th quarter. Rossby Financial LCC now owns 765 shares of the oil and gas producer’s stock valued at $31,000 after purchasing an additional 465 shares during the period. City Holding Co. grew its position in Occidental Petroleum by 250.0% in the 3rd quarter. City Holding Co. now owns 700 shares of the oil and gas producer’s stock worth $33,000 after purchasing an additional 500 shares during the last quarter. Finally, Binnacle Investments Inc bought a new position in Occidental Petroleum in the 3rd quarter worth about $35,000. 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.