Occidental Petroleum (NYSE:OXY) Stock Gets Price Target Boost from Truist Financial

Occidental Petroleum (NYSE:OXY) had its price target raised by Truist Financial from $63.00 to $64.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the oil and gas producer’s stock. Truist Financial’s price objective would suggest a potential upside of 5.35% from the company’s current price.

A number of other analysts have also issued reports on the stock. Stephens decreased their target price on shares of Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 14th. Zacks Research downgraded Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Barclays reduced their price target on Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. Wall Street Zen raised Occidental Petroleum from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 10th. Finally, Stifel Nicolaus initiated coverage on Occidental Petroleum in a report on Thursday, September 10th. They set a “hold” rating and a $68.00 price objective on the stock. Twelve investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $65.96.

Occidental Petroleum Price Performance

Shares of NYSE OXY traded down $0.66 during trading on Thursday, reaching $60.75. The company had a trading volume of 2,307,828 shares, compared to its average volume of 12,056,800. Occidental Petroleum has a twelve month low of $38.80 and a twelve month high of $67.45. The stock has a market capitalization of $60.73 billion, a PE ratio of 9.40, a price-to-earnings-growth ratio of 0.96 and a beta of 0.24. The stock has a 50-day moving average price of $59.18 and a two-hundred day moving average price of $57.28. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $1.83 by $0.57. The business had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%. The business’s revenue for the quarter was up 53.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.39 earnings per share. As a group, sell-side analysts predict that Occidental Petroleum will post 6.20 earnings per share for the current year.

Institutional Trading of Occidental Petroleum

Several institutional investors have recently made changes to their positions in OXY. Whittier Trust Co. of Nevada Inc. raised its stake in Occidental Petroleum by 12.5% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer’s stock worth $111,000 after acquiring an additional 196 shares during the period. Venture Visionary Partners LLC boosted its stake in Occidental Petroleum by 2.2% in the third quarter. Venture Visionary Partners LLC now owns 9,639 shares of the oil and gas producer’s stock valued at $533,000 after acquiring an additional 203 shares during the period. Athena Wealth Management LLC boosted its stake in Occidental Petroleum by 1.2% in the first quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer’s stock valued at $1,206,000 after acquiring an additional 214 shares during the period. Elevation Wealth Partners LLC boosted its stake in Occidental Petroleum by 15.8% in the second quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer’s stock valued at $78,000 after acquiring an additional 220 shares during the period. Finally, HBK Sorce Advisory LLC grew its holdings in shares of Occidental Petroleum by 2.8% during the second quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer’s stock valued at $442,000 after purchasing an additional 220 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

About Occidental Petroleum

Occidental Petroleum Corporation, commonly known as Oxy, is an energy company engaged in the exploration, development and production of oil and natural gas. Its upstream operations are concentrated in the United States, including the Permian and Denver-Julesburg basins, and in selected international regions such as the Middle East and North Africa.

The company also operates midstream and marketing businesses that support the gathering, processing, transportation and sale of oil, natural gas and natural gas liquids.