Occidental Petroleum (NYSE:OXY) Given New $77.00 Price Target at Susquehanna

Occidental Petroleum (NYSE:OXY) had its price objective upped by investment analysts at Susquehanna from $70.00 to $77.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “positive” rating on the oil and gas producer’s stock. Susquehanna’s price objective indicates a potential upside of 22.62% from the company’s current price.

OXY has been the topic of several other reports. Barclays reduced their target price on Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating on the stock in a research report on Monday, August 17th. Wells Fargo & Company increased their price target on Occidental Petroleum from $79.00 to $82.00 and gave the company an “overweight” rating in a research note on Monday, September 14th. Evercore raised Occidental Petroleum from an “in-line” rating to an “outperform” rating and set a $65.00 price target for the company in a report on Wednesday, July 8th. Seaport Research Partners started coverage on Occidental Petroleum in a research note on Thursday, September 3rd. They set a “buy” rating and a $73.00 price target on the stock. Finally, Stephens upped their price objective on shares of Occidental Petroleum from $78.00 to $80.00 and gave the company an “overweight” rating in a report on Monday. Thirteen investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $67.46.

Occidental Petroleum Price Performance

Shares of OXY opened at $62.80 on Tuesday. The company has a 50 day moving average of $59.49 and a two-hundred day moving average of $57.20. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. Occidental Petroleum has a twelve month low of $38.80 and a twelve month high of $67.45. The company has a market cap of $62.77 billion, a price-to-earnings ratio of 9.72, a price-to-earnings-growth ratio of 0.92 and a beta of 0.24.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%. The business had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. During the same period in the prior year, the firm posted $0.39 earnings per share. The business’s quarterly revenue was up 53.4% on a year-over-year basis. As a group, analysts predict that Occidental Petroleum will post 6.56 earnings per share for the current fiscal year.

Institutional Trading of Occidental Petroleum

Several large investors have recently added to or reduced their stakes in OXY. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Occidental Petroleum by 1.8% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 112,550 shares of the oil and gas producer’s stock valued at $6,226,000 after acquiring an additional 2,030 shares in the last quarter. Family Wealth Partners LLC purchased a new stake in shares of Occidental Petroleum during the third quarter worth approximately $260,000. CWA Asset Management Group LLC increased its position in shares of Occidental Petroleum by 1.4% during the third quarter. CWA Asset Management Group LLC now owns 16,957 shares of the oil and gas producer’s stock worth $938,000 after purchasing an additional 227 shares in the last quarter. Investment Research Partners LLC acquired a new position in Occidental Petroleum in the 3rd quarter valued at $354,000. Finally, Retirement Planning Group LLC raised its stake in Occidental Petroleum by 232.1% in the 3rd quarter. Retirement Planning Group LLC now owns 14,415 shares of the oil and gas producer’s stock valued at $797,000 after purchasing an additional 10,074 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Occidental Petroleum News Roundup

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: Roth upgraded Occidental Petroleum to Buy, describing it as one of the better ways to participate in potential oil-price upside. Occidental Petroleum raised to Buy at Roth
• Positive Sentiment: Stephens raised its price target from $78 to $80 and maintained an Overweight rating, implying substantial potential appreciation from the reference price. Stephens raises Occidental price target
• Positive Sentiment: Analysts’ upward earnings-estimate revisions are signaling improving expectations for OXY’s near-term results and potentially continued momentum. Surging earnings estimates signal upside
• Positive Sentiment: Zacks also highlights Occidental as a long-term value stock, supported by its relatively modest valuation and improving earnings outlook. The company’s latest reported quarter featured earnings and revenue well above consensus estimates. Occidental as a top value stock
• Positive Sentiment: Coverage of Warren Buffett and Greg Abel’s Berkshire Hathaway holdings keeps investor attention focused on Berkshire’s OXY stake and suggests confidence in the oil producer’s longer-term potential, though the articles also note the risks of concentrated or cyclical investments. Greg Abel’s Berkshire Hathaway stocks
• Neutral Sentiment: J.P. Morgan and Morgan Stanley reiterated Hold ratings, indicating that some analysts see limited near-term catalysts despite the improved outlook. J.P. Morgan maintains Hold
• Neutral Sentiment: Occidental is exploring partnership opportunities with Algeria’s Sonatrach, but no transaction or financial terms have been announced. Sonatrach and Oxy partnership discussions
• Negative Sentiment: Venezuela’s proposed $76 billion oil-investment expansion could eventually increase global supply, potentially weighing on crude prices and oil producers’ margins. The effect on OXY is uncertain and likely longer term. Venezuela expects oil investment boost

Occidental Petroleum Company Profile

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.