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

Occidental Petroleum (NYSE:OXY) had its target price upped by Stephens from $78.00 to $80.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the oil and gas producer’s stock. Stephens’ target price points to a potential upside of 27.73% from the company’s current price.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company raised their price objective on shares of Occidental Petroleum from $79.00 to $82.00 and gave the stock an “overweight” rating in a report on Monday, September 14th. Weiss Ratings upgraded shares of Occidental Petroleum from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, October 13th. Barclays reduced their target price on shares of Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. Evercore upgraded shares of Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 price target for the company in a research note on Wednesday, July 8th. Finally, Truist Financial lifted their price target on shares of Occidental Petroleum from $63.00 to $64.00 and gave the stock a “hold” rating in a report on Thursday. Thirteen investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $67.17.

Occidental Petroleum Stock Performance

NYSE OXY opened at $62.63 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. The firm has a market cap of $62.61 billion, a price-to-earnings ratio of 9.66, a PEG ratio of 0.92 and a beta of 0.24. Occidental Petroleum has a 1 year low of $38.80 and a 1 year high of $67.45. The company has a fifty day moving average price of $59.40 and a 200-day moving average price of $57.22.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.57. The firm had revenue of $8.06 billion during 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 was up 53.4% compared to the same quarter last year. During the same period last year, the firm posted $0.39 EPS. As a group, equities research analysts predict that Occidental Petroleum will post 6.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Occidental Petroleum

Several large investors have recently modified their holdings of the business. Ardent Capital Management Inc. purchased a new stake in shares of Occidental Petroleum during the 3rd quarter valued at approximately $1,381,000. Frank Rimerman Advisors LLC grew its stake in Occidental Petroleum by 16.8% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 13,032 shares of the oil and gas producer’s stock valued at $721,000 after buying an additional 1,874 shares in the last quarter. Counterpoint Mutual Funds LLC grew its stake in Occidental Petroleum by 12.6% in the 3rd quarter. Counterpoint Mutual Funds LLC now owns 161,971 shares of the oil and gas producer’s stock valued at $8,960,000 after buying an additional 18,185 shares in the last quarter. Avail Investment Partners LLC purchased a new stake in shares of Occidental Petroleum during the third quarter worth $352,000. Finally, Aspiriant LLC boosted its stake in Occidental Petroleum by 15.2% in the 3rd quarter. Aspiriant LLC now owns 9,513 shares of the oil and gas producer’s stock worth $526,000 after purchasing an additional 1,252 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

About Occidental Petroleum

Occidental Petroleum Corporation is an energy company engaged in oil and natural gas exploration, development and production. Its operations are focused primarily on the United States, including the Permian and DJ basins, as well as selected international regions in the Middle East and North Africa.

The company’s OxyChem subsidiary manufactures and markets chlor-alkali chemicals, vinyls and other chemical products used in water treatment, construction, healthcare, packaging and industrial applications.