Occidental Petroleum (NYSE:OXY) Stock Rating Upgraded by Roth Capital

Key Points

• Roth Capital upgraded Occidental Petroleum to “buy” from “neutral” and set a $70 price target, implying 12.26% upside from the reported $62.35 share price.
• Analyst sentiment remains mixed: 13 analysts rate OXY a Buy and 14 a Hold, producing an overall “Hold” consensus and average price target of $66.71.
• Occidental reported strong quarterly results, with EPS of $2.40 beating estimates by $0.57 and revenue rising 53.4% year over year to $8.06 billion; institutional investors own 88.7% of the stock.

Occidental Petroleum (NYSE:OXY - Get Free Report) was upgraded by research analysts at Roth Capital from a "neutral" rating to a "buy" rating in a report issued on Friday, MarketBeat reports. The firm presently has a $70.00 price objective on the oil and gas producer's stock. Roth Capital's target price indicates a potential upside of 12.26% from the company's current price.

A number of other equities analysts also recently weighed in on the company. Evercore upgraded 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. Morgan Stanley increased their price objective on Occidental Petroleum from $69.00 to $71.00 and gave the stock an "equal weight" rating in a report on Thursday. Citigroup cut their price objective on Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a report on Friday, July 17th. UBS Group raised 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. Finally, Seaport Research Partners assumed coverage on shares of Occidental Petroleum in a research note on Thursday, September 3rd. They issued a "buy" rating and a $73.00 target price for the company. Thirteen analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company's stock. According to data from MarketBeat.com, Occidental Petroleum has an average rating of "Hold" and an average price target of $66.71.

Occidental Petroleum Stock Up 2.8%

Shares of Occidental Petroleum stock traded up $1.69 during midday trading on Friday, hitting $62.35. The company's stock had a trading volume of 6,405,950 shares, compared to its average volume of 12,058,223. The firm has a market capitalization of $62.33 billion, a P/E ratio of 9.64, a PEG ratio of 0.96 and a beta of 0.24. The stock has a 50-day simple moving average of $59.28 and a 200-day simple moving average of $57.25. 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 has a 1-year low of $38.80 and a 1-year high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%. The firm had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same period in the previous year, the firm earned $0.39 earnings per share. Occidental Petroleum's quarterly revenue was up 53.4% on a year-over-year basis. As a group, sell-side analysts expect that Occidental Petroleum will post 6.20 earnings per share for the current year.

Institutional Investors Weigh In On Occidental Petroleum

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

Key Occidental Petroleum News

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: Value-focused analysis from Zacks identifies Occidental as a stock that may be undervalued, while a separate Zacks review says the company has a strong earnings-surprise history and favorable estimate trends heading into its next report. These factors could support investor expectations for another earnings beat. Are Investors Undervaluing Occidental Petroleum Right Now? Will Occidental Beat Estimates Again?
• Positive Sentiment: Morgan Stanley raised its OXY price target from $69 to $71, implying additional upside from recent trading levels, although it retained an Equal Weight rating. Truist Financial also lifted its target, from $63 to $64. Morgan Stanley Raises Occidental Petroleum Price Target Truist Raises Occidental Petroleum Price Target
• Positive Sentiment: Coverage also points to a reported third-quarter oil gain, while broader commentary highlights Occidental as an energy name attracting attention as crude prices stabilize. Improving production or oil-market conditions could benefit revenue and cash flow. Occidental Petroleum Reports Third-Quarter Oil Gain Occidental Petroleum as Crude Steadies
• Neutral Sentiment: UBS reportedly forecasts strong potential price appreciation but maintains a Hold rating, underscoring a favorable valuation opportunity without a strong enough catalyst for a bullish recommendation. Occidental Petroleum Gets a Hold from UBS
• Neutral Sentiment: Zacks’ comparison of OXY with DT Midstream frames Occidental as a value candidate, but the article does not establish a decisive advantage over its peer. OXY or DTM: Which Is the Better Value Stock?

About Occidental Petroleum

Occidental Petroleum Corporation, commonly known as Oxy, is an energy company engaged in the exploration, development and production of oil and natural gas. Its upstream operations are concentrated in the United States, including the Permian and Denver-Julesburg basins, and in selected international regions such as the Middle East and North Africa.

The company also operates midstream and marketing businesses that support the gathering, processing, transportation and sale of oil, natural gas and natural gas liquids.

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