Occidental Petroleum (NYSE:OXY) Stock Price Target Raised at Stephens

Key Points

• Stephens raised Occidental Petroleum’s price target from $78 to $80 and maintained an “overweight” rating, implying 27.73% upside from the prior close.
• Analyst sentiment is mixed: 13 analysts rate OXY a Buy and 14 rate it Hold, producing an overall “Hold” consensus and an average price target of $67.17.
• Occidental reported stronger-than-expected quarterly results, with $2.40 EPS versus the $1.83 consensus and revenue up 53.4% year over year to $8.06 billion; institutional investors own 88.7% of the stock.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price target upped by stock analysts at Stephens from $78.00 to $80.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an "overweight" rating on the oil and gas producer's stock. Stephens' price objective would indicate a potential upside of 27.73% from the company's previous close.

A number of other brokerages also recently weighed in on OXY. Roth Capital upgraded shares of Occidental Petroleum from a "neutral" rating to a "buy" rating and set a $70.00 target price on the stock in a report on Friday. Morgan Stanley increased their price target on shares of Occidental Petroleum from $69.00 to $71.00 and gave the company an "equal weight" rating in a research note on Thursday. UBS Group lifted their price objective on shares of Occidental Petroleum from $67.00 to $73.00 and gave the company a "neutral" rating in a research report on Wednesday, October 14th. Seaport Research Partners assumed coverage on shares of Occidental Petroleum in a research note on Thursday, September 3rd. They set a "buy" rating and a $73.00 price objective on the stock. Finally, Barclays lowered their price objective 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. Thirteen research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $67.17.

Occidental Petroleum Stock Up 0.4%

NYSE:OXY opened at $62.63 on Monday. The firm has a market capitalization of $62.61 billion, a price-to-earnings ratio of 9.66, a price-to-earnings-growth ratio of 0.92 and a beta of 0.24. Occidental Petroleum has a twelve month low of $38.80 and a twelve month high of $67.45. The stock's 50 day moving average price is $59.40 and its two-hundred day moving average price is $57.22. 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 announced its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%. The company had revenue of $8.06 billion for the quarter, compared to analysts' expectations of $7.07 billion. During the same quarter in the prior year, the business posted $0.39 EPS. The business's revenue was up 53.4% compared to the same quarter last year. Equities research analysts expect that Occidental Petroleum will post 6.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OXY. Ardent Capital Management Inc. acquired a new position in shares of Occidental Petroleum during the third quarter valued at about $1,381,000. Frank Rimerman Advisors LLC raised its holdings in shares of Occidental Petroleum by 16.8% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 13,032 shares of the oil and gas producer's stock worth $721,000 after acquiring an additional 1,874 shares during the last quarter. Counterpoint Mutual Funds LLC raised its holdings in shares of Occidental Petroleum by 12.6% in the 3rd quarter. Counterpoint Mutual Funds LLC now owns 161,971 shares of the oil and gas producer's stock worth $8,960,000 after acquiring an additional 18,185 shares during the last quarter. Avail Investment Partners LLC bought a new position in Occidental Petroleum in the 3rd quarter valued at about $352,000. Finally, Aspiriant LLC lifted its position in Occidental Petroleum by 15.2% in the 3rd quarter. Aspiriant LLC now owns 9,513 shares of the oil and gas producer's stock valued at $526,000 after acquiring an additional 1,252 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

About Occidental Petroleum

Occidental Petroleum Corporation is an energy company engaged in oil and natural gas exploration, development and production. Its operations are focused primarily on the United States, including the Permian and DJ basins, as well as selected international regions in the Middle East and North Africa.

The company's OxyChem subsidiary manufactures and markets chlor-alkali chemicals, vinyls and other chemical products used in water treatment, construction, healthcare, packaging and industrial applications.

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