Occidental Petroleum (NYSE:OXY) Upgraded at The Goldman Sachs Group

Occidental Petroleum (NYSE:OXY) was upgraded by equities researchers at The Goldman Sachs Group from a “sell” rating to a “neutral” rating in a research note issued to investors on Thursday. The firm currently has a $64.00 target price on the oil and gas producer’s stock. The Goldman Sachs Group’s price target points to a potential upside of 8.75% from the company’s current price.

A number of other research analysts have also recently commented on the company. Raymond James Financial upped their target price on Occidental Petroleum from $64.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. HSBC lifted their target price on Occidental Petroleum from $59.00 to $68.00 and gave the stock a “buy” rating in a research report on Friday, March 20th. Piper Sandler upgraded shares of Occidental Petroleum from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $54.00 to $66.00 in a report on Thursday, March 12th. TD Cowen lifted their price objective on shares of Occidental Petroleum from $48.00 to $54.00 and gave the company a “hold” rating in a report on Monday, February 23rd. Finally, Zacks Research upgraded shares of Occidental Petroleum from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 31st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, sixteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $62.87.

Occidental Petroleum Stock Down 3.0%

Shares of NYSE:OXY opened at $58.85 on Thursday. The company has a market cap of $58.54 billion, a price-to-earnings ratio of 14.82 and a beta of 0.17. Occidental Petroleum has a 12 month low of $38.80 and a 12 month high of $67.45. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.49. The company has a 50-day moving average price of $58.75 and a 200 day moving average price of $49.18.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.46. The business had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.44 billion. Occidental Petroleum had a return on equity of 9.65% and a net margin of 19.98%.The company’s revenue for the quarter was down 8.3% on a year-over-year basis. During the same period last year, the company earned $0.14 EPS. As a group, equities research analysts predict that Occidental Petroleum will post 5.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in OXY. Lighthouse Investment Partners LLC purchased a new stake in Occidental Petroleum during the third quarter valued at approximately $22,345,000. DNB Asset Management AS lifted its holdings in shares of Occidental Petroleum by 100.3% during the 3rd quarter. DNB Asset Management AS now owns 267,807 shares of the oil and gas producer’s stock valued at $12,654,000 after purchasing an additional 134,128 shares during the last quarter. Mirabella Financial Services LLP boosted its position in shares of Occidental Petroleum by 154.7% in the 3rd quarter. Mirabella Financial Services LLP now owns 29,566 shares of the oil and gas producer’s stock worth $1,394,000 after purchasing an additional 17,958 shares in the last quarter. Gifford Fong Associates boosted its position in shares of Occidental Petroleum by 41.2% in the 3rd quarter. Gifford Fong Associates now owns 171,429 shares of the oil and gas producer’s stock worth $8,100,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in Occidental Petroleum by 0.8% during the 4th 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 buying an additional 699,137 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

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.