Occidental Petroleum (NYSE:OXY) Raised to Strong-Buy at Seaport Research Partners

Occidental Petroleum (NYSE:OXY) was upgraded by stock analysts at Seaport Research Partners to a “strong-buy” rating in a report issued on Wednesday, Zacks reports.

Other research analysts also recently issued reports about the stock. Truist Financial raised their price target on shares of Occidental Petroleum from $57.00 to $63.00 and gave the stock a “hold” rating in a research report on Monday, August 10th. Wall Street Zen raised shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. JPMorgan Chase & Co. decreased their target price on Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. Barclays lowered their target price on Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating for the company in a report on Monday, August 17th. Finally, Stephens cut their price target on Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Tuesday, July 14th. Ten research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company’s stock. According to MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and an average target price of $64.83.

Occidental Petroleum Stock Performance

OXY stock opened at $60.54 on Wednesday. The stock’s 50 day simple moving average is $55.90 and its 200 day simple moving average is $56.42. Occidental Petroleum has a 12-month low of $38.80 and a 12-month high of $67.45. The firm has a market cap of $60.52 billion, a P/E ratio of 9.37, a P/E/G ratio of 0.96 and a beta of 0.16. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.07 billion. During the same quarter in the previous year, the company posted $0.39 earnings per share. The firm’s revenue was up 53.4% on a year-over-year basis. As a group, equities research analysts predict that Occidental Petroleum will post 6.09 EPS for the current year.

Insiders Place Their Bets

In other Occidental Petroleum news, CEO Richard Jackson purchased 4,770 shares of Occidental Petroleum stock in a transaction on Tuesday, June 23rd. The stock was bought at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the transaction, the chief executive officer owned 444,098 shares of the company’s stock, valued at $23,261,853.24. The trade was a 1.09% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Occidental Petroleum

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allianz Asset Management GmbH bought a new position in Occidental Petroleum in the 2nd quarter valued at about $790,000. Corient Private Wealth LP raised its position in shares of Occidental Petroleum by 30.0% during the 2nd quarter. Corient Private Wealth LP now owns 214,439 shares of the oil and gas producer’s stock worth $10,420,000 after buying an additional 49,523 shares in the last quarter. Amundi lifted its stake in shares of Occidental Petroleum by 4.0% in the 2nd quarter. Amundi now owns 3,098,454 shares of the oil and gas producer’s stock worth $150,492,000 after acquiring an additional 119,074 shares during the period. California State Teachers Retirement System lifted its stake in shares of Occidental Petroleum by 4,805.3% in the 2nd quarter. California State Teachers Retirement System now owns 41,792,348 shares of the oil and gas producer’s stock worth $2,029,854,000 after acquiring an additional 40,940,366 shares during the period. Finally, Wedmont Private Capital boosted its holdings in shares of Occidental Petroleum by 20.7% in the second quarter. Wedmont Private Capital now owns 19,683 shares of the oil and gas producer’s stock valued at $1,041,000 after acquiring an additional 3,379 shares in the last quarter. 88.70% of the stock is currently 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.