Occidental Petroleum (NYSE:OXY) Stock Rating Cut to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Occidental Petroleum from “strong buy” to “buy.” Across analysts, the stock has a consensus “hold” rating and an average price target of $67.71.
• Occidental reported quarterly EPS of $1.91, beating the $1.46 consensus estimate, while revenue of $6.77 billion came in slightly below expectations. Revenue rose 20.6% year over year.
• Berkshire Hathaway and other institutions adjusted their holdings; institutional investors own 88.7% of Occidental’s shares.

Occidental Petroleum (NYSE:OXY - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other equities research analysts have also recently commented on the company. Truist Financial increased their target price on Occidental Petroleum from $63.00 to $64.00 and gave the stock a "hold" rating in a research note on Thursday, October 15th. Barclays lifted their price target on Occidental Petroleum from $71.00 to $73.00 and gave the stock an "overweight" rating in a research report on Friday. The Goldman Sachs Group upped their price target on shares of Occidental Petroleum from $69.00 to $76.00 and gave the stock a "buy" rating in a research note on Tuesday, October 27th. Wells Fargo & Company cut their price objective on shares of Occidental Petroleum from $82.00 to $76.00 and set an "overweight" rating on the stock in a research report on Wednesday. Finally, Piper Sandler began coverage on shares of Occidental Petroleum in a research note on Tuesday, October 27th. They set a "neutral" rating and a $69.00 price objective for the company. Twelve investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $67.71.

Occidental Petroleum Stock Performance

Shares of OXY opened at $58.78 on Friday. The company has a 50-day simple moving average of $59.75 and a two-hundred day simple moving average of $56.63. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.38 and a quick ratio of 1.13. The firm has a market capitalization of $58.77 billion, a PE ratio of 10.28, a price-to-earnings-growth ratio of 0.66 and a beta of 0.16. Occidental Petroleum has a one year low of $38.80 and a one year high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its earnings results on Monday, November 9th. The oil and gas producer reported $1.91 earnings per share for the quarter, beating analysts' consensus estimates of $1.46 by $0.45. Occidental Petroleum had a net margin of 32.17% and a return on equity of 18.55%. The business had revenue of $6.77 billion during the quarter, compared to the consensus estimate of $6.82 billion. During the same quarter last year, the firm earned $0.64 earnings per share. The business's revenue for the quarter was up 20.6% on a year-over-year basis. On average, analysts anticipate that Occidental Petroleum will post 7.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of OXY. Berkshire Hathaway Inc bought a new stake in Occidental Petroleum during the second quarter valued at approximately $12,868,205,000. Engineers Gate Manager LP increased its holdings in Occidental Petroleum by 1,329.2% in the 2nd quarter. Engineers Gate Manager LP now owns 59,725 shares of the oil and gas producer's stock worth $2,901,000 after acquiring an additional 55,546 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Occidental Petroleum during the 2nd quarter valued at $10,041,000. Swiss National Bank lifted its position in shares of Occidental Petroleum by 7.2% in the first quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer's stock valued at $140,947,000 after acquiring an additional 145,100 shares in the last quarter. Finally, Bank of Nova Scotia purchased a new stake in Occidental Petroleum during the 2nd quarter valued at approximately $4,209,000. 88.70% of the stock is 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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