Occidental Petroleum (NYSE:OXY) Upgraded to “Overweight” at Barclays

Occidental Petroleum (NYSE:OXY) was upgraded by research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a report released on Tuesday. The brokerage presently has a $72.00 price target on the oil and gas producer’s stock. Barclays‘s target price would indicate a potential upside of 22.41% from the company’s previous close.

A number of other brokerages have also issued reports on OXY. Stephens lifted their target price on shares of Occidental Petroleum from $59.00 to $74.00 and gave the company an “overweight” rating in a research note on Tuesday, March 31st. Morgan Stanley lifted their target price on shares of Occidental Petroleum from $73.00 to $74.00 and gave the company an “equal weight” rating in a research note on Thursday, May 21st. Jefferies Financial Group lifted their target price on shares of Occidental Petroleum from $47.00 to $58.00 and gave the company a “hold” rating in a research note on Monday, April 13th. Weiss Ratings raised shares of Occidental Petroleum from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Wednesday, May 6th. Finally, Susquehanna lifted their target price on shares of Occidental Petroleum from $60.00 to $67.00 and gave the company a “positive” rating in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $63.48.

Occidental Petroleum Trading Up 0.0%

Occidental Petroleum stock opened at $58.82 on Tuesday. The company has a 50 day moving average price of $58.94 and a 200 day moving average price of $49.57. Occidental Petroleum has a 52 week low of $38.80 and a 52 week high of $67.45. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.01 and a current ratio of 1.21. The firm has a market capitalization of $58.50 billion, a price-to-earnings ratio of 14.82 and a beta of 0.17.

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, topping analysts’ consensus estimates of $0.60 by $0.46. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.44 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The company’s revenue was down 8.3% on a year-over-year basis. During the same quarter last year, the business posted $0.14 EPS. Research analysts forecast that Occidental Petroleum will post 5.33 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Occidental Petroleum by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock valued at $3,696,716,000 after purchasing an additional 699,137 shares in the last quarter. State Street Corp raised its holdings in shares of Occidental Petroleum by 2.1% during the 4th 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 purchasing an additional 828,848 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Occidental Petroleum by 0.9% during the 4th 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 purchasing an additional 167,518 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Occidental Petroleum by 21.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock worth $436,008,000 after acquiring an additional 1,883,721 shares during the period. Finally, Invesco Ltd. raised its holdings in Occidental Petroleum by 18.9% in the 4th quarter. Invesco Ltd. now owns 6,730,847 shares of the oil and gas producer’s stock worth $276,772,000 after acquiring an additional 1,071,948 shares during the period. Institutional investors own 88.70% of the company’s stock.

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.