Occidental Petroleum (NYSE:OXY) Stock Gets Price Target Bump from Barclays

Key Points

• Barclays raised Occidental Petroleum’s price target from $71 to $73 and maintained an “overweight” rating, implying 24.33% upside from the prior close.
• Analyst views are mixed: the consensus rating is “Hold,” with an average target price of $67.71; 12 analysts rate the stock Buy and 15 rate it Hold.
• Occidental reported quarterly EPS of $1.91, beating the $1.46 consensus, while revenue of $6.77 billion fell slightly short of estimates but rose 20.6% year over year.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price objective increased by equities research analysts at Barclays from $71.00 to $73.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an "overweight" rating on the oil and gas producer's stock. Barclays's price target points to a potential upside of 24.33% from the stock's previous close.

A number of other equities research analysts have also recently issued reports on OXY. Truist Financial upped their price objective on shares of Occidental Petroleum from $63.00 to $64.00 and gave the company a "hold" rating in a research note on Thursday, October 15th. Seaport Research Partners initiated coverage on Occidental Petroleum in a report on Thursday, September 3rd. They issued a "buy" rating and a $73.00 price objective on the stock. Weiss Ratings upgraded Occidental Petroleum from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, October 13th. UBS Group lifted their price target on Occidental Petroleum from $67.00 to $73.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 14th. Finally, The Goldman Sachs Group increased their price objective on Occidental Petroleum from $69.00 to $76.00 and gave the company a "buy" rating in a research note on Tuesday, October 27th. Twelve research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $67.71.

Occidental Petroleum Stock Up 0.5%

Occidental Petroleum stock traded up $0.32 during trading on Friday, hitting $58.72. 1,635,432 shares of the company were exchanged, compared to its average volume of 11,912,922. The business's 50 day moving average is $59.79 and its 200 day moving average is $56.56. Occidental Petroleum has a 52 week low of $38.80 and a 52 week high of $67.45. The company has a market capitalization of $58.71 billion, a P/E ratio of 7.90, a PEG ratio of 0.65 and a beta of 0.16. The company has a current ratio of 1.38, a quick ratio of 1.13 and a debt-to-equity ratio of 0.33.

Occidental Petroleum (NYSE:OXY - Get Free Report) 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 the consensus estimate of $6.82 billion. Occidental Petroleum had a return on equity of 18.55% and a net margin of 32.17%. The business's revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.64 EPS. Analysts predict that Occidental Petroleum will post 6.95 earnings per share for the current year.

Institutional Investors Weigh In On Occidental Petroleum

Large investors have recently bought and sold shares of the business. Axiom Investment Management LLC purchased a new position in Occidental Petroleum in the first quarter worth about $25,000. GKV Capital Management Co. Inc. bought a new stake in Occidental Petroleum during the first quarter worth approximately $26,000. William Mack & Associates Inc. purchased a new stake in Occidental Petroleum during the 3rd quarter valued at $27,000. Hara Capital LLC purchased a new position in shares of Occidental Petroleum during the 2nd quarter worth about $25,000. Finally, E Fund Management Hong Kong Co. Ltd. lifted its stake in Occidental Petroleum by 105.1% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 566 shares of the oil and gas producer's stock worth $31,000 after purchasing an additional 290 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

About Occidental Petroleum

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.

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