Barclays Forecasts Strong Price Appreciation for Occidental Petroleum (NYSE:OXY) Stock

Occidental Petroleum (NYSE:OXY) had its target price boosted by Barclays from $71.00 to $73.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas producer’s stock. Barclays‘s price objective points to a potential upside of 24.20% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. UBS Group increased their price target on shares of Occidental Petroleum from $67.00 to $73.00 and gave the company a “neutral” rating in a research note on Wednesday, October 14th. Wells Fargo & Company reduced their price target on shares of Occidental Petroleum from $82.00 to $76.00 and set an “overweight” rating on the stock in a research report on Wednesday. Citigroup decreased their price objective on Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, July 17th. Wall Street Zen upgraded Occidental Petroleum from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 10th. Finally, Stifel Nicolaus assumed coverage on Occidental Petroleum in a research report on Thursday, September 10th. They issued a “hold” rating and a $68.00 price objective for the company. Twelve investment analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Occidental Petroleum currently has an average rating of “Hold” and an average price target of $67.71.

Occidental Petroleum Trading Up 0.6%

NYSE OXY traded up $0.38 on Friday, reaching $58.78. 10,711,935 shares of the company were exchanged, compared to its average volume of 10,695,771. The business’s fifty day moving average price is $59.75 and its 200 day moving average price is $56.63. The company has a current ratio of 1.38, a quick ratio of 1.13 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $58.77 billion, a P/E ratio of 7.92, a price-to-earnings-growth ratio of 0.66 and a beta of 0.16. Occidental Petroleum has a fifty-two week low of $38.80 and a fifty-two week high of $67.45.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Monday, November 9th. The oil and gas producer reported $1.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.45. The firm had revenue of $6.77 billion during the quarter, compared to analyst estimates of $6.82 billion. Occidental Petroleum had a net margin of 32.17% and a return on equity of 18.55%. Occidental Petroleum’s quarterly revenue was up 20.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.64 earnings per share. Analysts forecast that Occidental Petroleum will post 7.01 earnings per share for the current year.

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors have recently made changes to their positions in OXY. Berkshire Hathaway Inc purchased a new position in shares of Occidental Petroleum during the 2nd quarter worth approximately $12,868,205,000. State Street Corp raised its position in Occidental Petroleum by 6.6% in the second quarter. State Street Corp now owns 46,141,269 shares of the oil and gas producer’s stock valued at $2,252,271,000 after purchasing an additional 2,870,472 shares during the period. Bank of New York Mellon Corp raised its position in Occidental Petroleum by 84.8% in the second quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock valued at $516,975,000 after purchasing an additional 4,882,834 shares during the period. Marshall Wace LLP lifted its stake in Occidental Petroleum by 1,114.8% during the third quarter. Marshall Wace LLP now owns 5,617,381 shares of the oil and gas producer’s stock worth $310,754,000 after purchasing an additional 5,154,974 shares in the last quarter. Finally, Amundi lifted its stake in Occidental Petroleum by 2.7% during the first quarter. Amundi now owns 2,979,380 shares of the oil and gas producer’s stock worth $193,660,000 after purchasing an additional 78,335 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation is an energy and chemicals company headquartered in Houston, Texas. Its oil and gas business explores for and produces crude oil, natural gas liquids and natural gas, with operations in the United States and international markets, including the Middle East and North Africa. Through its OxyChem business, Occidental manufactures and markets basic chemicals and vinyl products used in applications such as water treatment, construction and consumer goods. The company also develops carbon management and lower-carbon technology projects, including carbon capture and storage.