Occidental Petroleum (NYSE:OXY) Given New $67.00 Price Target at UBS Group

Key Points

• UBS Group raised its price target for Occidental Petroleum from $59 to $67 while maintaining a “neutral” rating, implying approximately 8.5% upside from the stock’s current price.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and average price target of $65.17; 10 analysts rate the stock a Buy and 17 rate it a Hold.
• Occidental shares recently traded at $61.73, while the company’s latest quarterly results exceeded expectations, reporting $2.40 in earnings per share versus the $1.83 consensus estimate and $8.06 billion in revenue.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price target increased by investment analysts at UBS Group from $59.00 to $67.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a "neutral" rating on the oil and gas producer's stock. UBS Group's target price points to a potential upside of 8.54% from the stock's current price.

Other equities research analysts have also issued reports about the stock. Evercore raised shares of Occidental Petroleum from an "in-line" rating to an "outperform" rating and set a $65.00 target price on the stock in a report on Wednesday, July 8th. Barclays cut their price target on shares of Occidental Petroleum from $75.00 to $71.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Susquehanna boosted their price objective on shares of Occidental Petroleum from $67.00 to $70.00 and gave the stock a "positive" rating in a research note on Tuesday, August 11th. Wall Street Zen upgraded Occidental Petroleum from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Weiss Ratings lowered Occidental Petroleum from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, August 25th. Ten investment analysts have rated the stock with a Buy rating and seventeen have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $65.17.

Occidental Petroleum Trading Up 0.4%

Occidental Petroleum stock traded up $0.27 during trading hours on Monday, hitting $61.73. The stock had a trading volume of 9,036,002 shares, compared to its average volume of 12,446,285. The business's 50 day simple moving average is $57.33 and its 200-day simple moving average is $56.91. Occidental Petroleum has a one year low of $38.80 and a one year high of $67.45. The stock has a market cap of $61.71 billion, a price-to-earnings ratio of 9.56, a P/E/G ratio of 0.96 and a beta of 0.16. 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 (NYSE:OXY - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.57. The company had revenue of $8.06 billion for the quarter, compared to analysts' expectations of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The business's quarterly revenue was up 53.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.39 earnings per share. On average, equities analysts predict that Occidental Petroleum will post 6.2 EPS for the current fiscal year.

Insider Buying and Selling at Occidental Petroleum

In other news, CEO Richard Jackson acquired 4,770 shares of the firm's stock in a transaction dated Tuesday, June 23rd. The stock was bought at an average cost of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the transaction, the chief executive officer directly owned 444,098 shares in the company, valued at $23,261,853.24. This represents a 1.09% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is currently owned by company insiders.

Institutional Trading of Occidental Petroleum

A number of large investors have recently bought and sold shares of the business. Axiom Investment Management LLC acquired a new position in shares of Occidental Petroleum in the 1st quarter valued at about $25,000. GKV Capital Management Co. Inc. acquired a new stake in Occidental Petroleum during the first quarter worth approximately $26,000. Portus Wealth Advisors LLC bought a new stake in Occidental Petroleum in the first quarter worth approximately $29,000. Hara Capital LLC acquired a new position in Occidental Petroleum in the second quarter valued at approximately $25,000. Finally, Ballast Advisors LLC bought a new position in shares of Occidental Petroleum during the 1st quarter worth approximately $39,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation is an energy company engaged in the exploration, development and production of oil and natural gas. Its operations are concentrated primarily in the United States, including the Permian and DJ basins, and it also has international activities in regions such as the Middle East and North Africa.

The company operates through oil and gas, chemical and midstream and marketing businesses. Its chemical segment, OxyChem, manufactures and markets chlor-alkali products, vinyls and other basic chemicals used in water treatment, construction, industrial manufacturing and consumer products.

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