Occidental Petroleum Corporation (OXY) PT Raised to $66.00 at Morgan Stanley

Occidental Petroleum Corporation (NYSE:OXY) had its price target increased by stock analysts at Morgan Stanley from $62.00 to $66.00 in a report issued on Wednesday. The firm presently has an “equal weight” rating on the oil and gas producer’s stock. Morgan Stanley’s target price would indicate a potential upside of 1.79% from the stock’s current price.

A number of other analysts have also recently issued reports on the company. Zacks Investment Research cut Occidental Petroleum Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Cowen and Company set a $75.00 price objective on Occidental Petroleum Corporation and gave the stock a “buy” rating in a report on Wednesday, July 19th. Jefferies Group LLC set a $58.00 price objective on Occidental Petroleum Corporation and gave the stock a “hold” rating in a report on Tuesday, August 29th. BidaskClub raised Occidental Petroleum Corporation from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Finally, BMO Capital Markets dropped their price objective on Occidental Petroleum Corporation from $60.00 to $55.00 and set a “market perform” rating on the stock in a report on Friday, July 14th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $65.73.

Shares of Occidental Petroleum Corporation (NYSE OXY) traded up 0.887% on Wednesday, hitting $65.415. The company had a trading volume of 3,110,994 shares. Occidental Petroleum Corporation has a 1-year low of $57.20 and a 1-year high of $75.50. The company has a 50 day moving average price of $63.04 and a 200 day moving average price of $61.39. The firm has a market capitalization of $50.01 billion, a price-to-earnings ratio of 460.669 and a beta of 0.67.

Occidental Petroleum Corporation (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 2nd. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3 billion. Occidental Petroleum Corporation had a return on equity of 0.13% and a net margin of 0.91%. The firm’s quarterly revenue was up 40.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.18) EPS. On average, equities analysts forecast that Occidental Petroleum Corporation will post $0.67 earnings per share for the current fiscal year.

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In other news, Director William R. Klesse acquired 10,000 shares of Occidental Petroleum Corporation stock in a transaction dated Wednesday, August 9th. The shares were purchased at an average cost of $61.58 per share, for a total transaction of $615,800.00. Following the transaction, the director now owns 70,692 shares of the company’s stock, valued at $4,353,213.36. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.32% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in OXY. Empire Life Investments Inc. bought a new position in shares of Occidental Petroleum Corporation during the 1st quarter valued at about $8,743,000. Bahl & Gaynor Inc. increased its position in shares of Occidental Petroleum Corporation by 6.3% during the 1st quarter. Bahl & Gaynor Inc. now owns 1,782,990 shares of the oil and gas producer’s stock valued at $112,970,000 after purchasing an additional 105,551 shares during the last quarter. Clifford Swan Investment Counsel LLC increased its position in shares of Occidental Petroleum Corporation by 0.9% during the 1st quarter. Clifford Swan Investment Counsel LLC now owns 13,412 shares of the oil and gas producer’s stock valued at $850,000 after purchasing an additional 115 shares during the last quarter. KLCM Advisors Inc. increased its position in shares of Occidental Petroleum Corporation by 2,989.7% during the 1st quarter. KLCM Advisors Inc. now owns 178,093 shares of the oil and gas producer’s stock valued at $11,284,000 after purchasing an additional 172,329 shares during the last quarter. Finally, Guyasuta Investment Advisors Inc. increased its position in shares of Occidental Petroleum Corporation by 9.0% during the 1st quarter. Guyasuta Investment Advisors Inc. now owns 13,346 shares of the oil and gas producer’s stock valued at $846,000 after purchasing an additional 1,101 shares during the last quarter. Hedge funds and other institutional investors own 80.53% of the company’s stock.

About Occidental Petroleum Corporation

Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.

Analyst Recommendations for Occidental Petroleum Corporation (NYSE:OXY)

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