Occidental Petroleum (NYSE:OXY) Now Covered by Seaport Research Partners

Key Points

• Seaport Research Partners initiated coverage of Occidental Petroleum with a “buy” rating and a $73 price target, implying approximately 19.8% upside from the prior close.
• Analyst sentiment remains mixed: 10 analysts rate the stock a Buy and 16 rate it a Hold, producing an overall “Hold” consensus and an average price target of $64.83.
• Occidental reported strong quarterly results, with $2.40 in EPS versus the $1.83 estimate and revenue of $8.06 billion, up 53.4% year over year.

Analysts at Seaport Research Partners initiated coverage on shares of Occidental Petroleum (NYSE:OXY - Get Free Report) in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage set a "buy" rating and a $73.00 price target on the oil and gas producer's stock. Seaport Research Partners' price objective points to a potential upside of 19.82% from the stock's previous close.

A number of other research analysts also recently commented on the company. Truist Financial upped their price objective on Occidental Petroleum from $57.00 to $63.00 and gave the stock a "hold" rating in a research note on Monday, August 10th. Weiss Ratings downgraded Occidental Petroleum from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, August 25th. Wells Fargo & Company raised their price target on Occidental Petroleum from $72.00 to $79.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Citigroup reduced their price objective on shares of Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a report on Friday, July 17th. Finally, Barclays lowered their target price on shares of Occidental Petroleum from $75.00 to $71.00 and set an "overweight" rating on the stock in a research note on Monday, August 17th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the stock. According to data from MarketBeat, Occidental Petroleum has an average rating of "Hold" and a consensus target price of $64.83.

Occidental Petroleum Price Performance

OXY stock opened at $60.93 on Thursday. 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 has a 12-month low of $38.80 and a 12-month high of $67.45. The stock has a 50-day moving average price of $55.71 and a two-hundred day moving average price of $56.32. The company has a market cap of $60.91 billion, a PE ratio of 9.43, a price-to-earnings-growth ratio of 0.97 and a beta of 0.16.

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

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, CEO Richard A. Jackson acquired 4,770 shares of the stock in a transaction dated Tuesday, June 23rd. The shares were bought at an average price of $52.38 per share, with a total value of $249,852.60. Following the purchase, the chief executive officer directly owned 444,098 shares of the company's stock, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.50% of the company's stock.

Institutional Trading of Occidental Petroleum

A number of large investors have recently added to or reduced their stakes in OXY. Woodline Partners LP boosted its stake in shares of Occidental Petroleum by 40.7% during the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer's stock worth $2,817,000 after acquiring an additional 16,506 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Occidental Petroleum during the second quarter valued at $4,584,000. Federated Hermes Inc. boosted its position in shares of Occidental Petroleum by 696.7% in the 2nd quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer's stock valued at $1,008,000 after purchasing an additional 20,985 shares during the period. Daiwa Securities Group Inc. increased its stake in Occidental Petroleum by 7.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer's stock worth $4,443,000 after purchasing an additional 7,285 shares in the last quarter. Finally, AXA S.A. raised its holdings in Occidental Petroleum by 24.3% during the 2nd quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer's stock worth $5,740,000 after buying an additional 26,741 shares during the period. 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.

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