Occidental Petroleum (NYSE:OXY) Cut to “Hold” at Zacks Research

Occidental Petroleum (NYSE:OXY) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

A number of other brokerages have also recently weighed in on OXY. UBS Group dropped their price target on Occidental Petroleum from $67.00 to $65.00 and set a “neutral” rating on the stock in a research report on Thursday, May 7th. Truist Financial dropped their price objective on shares of Occidental Petroleum from $65.00 to $57.00 and set a “hold” rating on the stock in a report on Friday, May 8th. Piper Sandler upgraded shares of Occidental Petroleum from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $54.00 to $66.00 in a research report on Thursday, March 12th. Scotiabank lifted their price target on Occidental Petroleum from $46.00 to $57.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Finally, Jefferies Financial Group raised their target price on Occidental Petroleum from $47.00 to $58.00 and gave the company a “hold” rating in a research report on Monday, April 13th. Nine equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and a consensus target price of $63.74.

Occidental Petroleum Stock Performance

Occidental Petroleum stock opened at $52.34 on Monday. 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 stock has a 50 day moving average of $56.70 and a 200-day moving average of $51.67. The stock has a market cap of $52.06 billion, a P/E ratio of 13.18 and a beta of 0.14. Occidental Petroleum has a 52 week low of $38.80 and a 52 week high of $67.45.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.46. The firm had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.44 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The firm’s revenue was down 8.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.14 EPS. On average, analysts expect that Occidental Petroleum will post 5.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Occidental Petroleum by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock worth $3,696,716,000 after purchasing an additional 699,137 shares during the period. State Street Corp grew its holdings in shares of Occidental Petroleum by 2.1% during the fourth quarter. State Street Corp now owns 39,539,743 shares of the oil and gas producer’s stock valued at $1,635,263,000 after buying an additional 828,848 shares in the last quarter. Geode Capital Management LLC raised its position in Occidental Petroleum by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer’s stock valued at $771,949,000 after buying an additional 167,518 shares during the period. Dimensional Fund Advisors LP grew its stake in Occidental Petroleum by 21.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock valued at $436,008,000 after acquiring an additional 1,883,721 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Occidental Petroleum by 18.9% in the fourth quarter. Invesco Ltd. now owns 6,730,847 shares of the oil and gas producer’s stock worth $276,772,000 after purchasing an additional 1,071,948 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

About Occidental Petroleum

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.