Occidental Petroleum (NYSE:OXY) Stock Price Target Raised at Morgan Stanley

Occidental Petroleum (NYSE:OXY) had its target price upped by analysts at Morgan Stanley from $69.00 to $71.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the oil and gas producer’s stock. Morgan Stanley’s price target points to a potential upside of 17.04% from the stock’s current price.

Several other equities research analysts also recently commented on the stock. Evercore raised shares of Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 target price for the company in a research report on Wednesday, July 8th. Truist Financial raised their price target on shares of Occidental Petroleum from $63.00 to $64.00 and gave the company a “hold” rating in a research report on Thursday. Citigroup cut their price target on Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, July 17th. The Goldman Sachs Group raised Occidental Petroleum from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $63.00 to $69.00 in a report on Thursday, October 1st. Finally, Wells Fargo & Company increased their price objective on Occidental Petroleum from $79.00 to $82.00 and gave the stock an “overweight” rating in a research note on Monday, September 14th. Twelve equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. According to MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and an average target price of $66.08.

Occidental Petroleum Stock Down 1.2%

NYSE OXY traded down $0.74 during mid-day trading on Thursday, hitting $60.66. The company’s stock had a trading volume of 3,626,278 shares, compared to its average volume of 12,063,939. The company’s 50 day simple moving average is $59.18 and its 200 day simple moving average is $57.28. Occidental Petroleum has a twelve month low of $38.80 and a twelve month high of $67.45. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $60.64 billion, a price-to-earnings ratio of 9.38, a PEG ratio of 0.96 and a beta of 0.24.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. During the same quarter in the prior year, the company posted $0.39 earnings per share. The business’s revenue was up 53.4% on a year-over-year basis. Analysts anticipate that Occidental Petroleum will post 6.20 earnings per share for the current year.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. boosted its stake in Occidental Petroleum by 67.4% in the third quarter. Assenagon Asset Management S.A. now owns 2,849,248 shares of the oil and gas producer’s stock valued at $157,620,000 after acquiring an additional 1,146,828 shares during the last quarter. Trust Co. of Oklahoma bought a new stake in shares of Occidental Petroleum in the 3rd quarter worth approximately $216,000. Mainsail Asset Management LLC bought a new stake in shares of Occidental Petroleum in the 3rd quarter worth approximately $295,000. Sanders Morris Harris LLC bought a new stake in shares of Occidental Petroleum in the 3rd quarter worth approximately $2,086,000. Finally, XY Planning Network Inc. purchased a new position in Occidental Petroleum in the third quarter valued at approximately $252,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Company Profile

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.