UBS Group Issues Positive Forecast for Occidental Petroleum (NYSE:OXY) Stock Price

Key Points

• UBS Group raised its Occidental Petroleum price target from $67 to $73 while maintaining a “neutral” rating, implying 18.65% upside from the stock’s $61.53 price.
• Analyst sentiment remains mixed: 12 analysts rate OXY a Buy and 15 rate it a Hold, with a consensus rating of “Hold” and an average price target of $65.79.
• Occidental reported strong quarterly results, posting $2.40 in earnings per share versus the $1.83 estimate and $8.06 billion in revenue, up 53.4% year over year; institutional investors own 88.7% of the stock.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price target increased by analysts at UBS Group from $67.00 to $73.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a "neutral" rating on the oil and gas producer's stock. UBS Group's price objective would indicate a potential upside of 18.65% from the company's current price.

Other research analysts have also recently issued reports about the stock. Evercore raised shares of Occidental Petroleum from an "in-line" rating to an "outperform" rating and set a $65.00 price target on the stock in a report on Wednesday, July 8th. Susquehanna upped their target price on Occidental Petroleum from $67.00 to $70.00 and gave the company a "positive" rating in a research report on Tuesday, August 11th. Citigroup reduced their price target on shares of Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating on the stock in a research report on Friday, July 17th. Weiss Ratings raised Occidental Petroleum from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday. Finally, Stifel Nicolaus assumed coverage on Occidental Petroleum in a report on Thursday, September 10th. They issued a "hold" rating and a $68.00 target price for the company. Twelve research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. According to MarketBeat.com, Occidental Petroleum presently has an average rating of "Hold" and a consensus target price of $65.79.

Occidental Petroleum Stock Down 0.2%

Shares of NYSE:OXY traded down $0.12 during midday trading on Wednesday, hitting $61.53. The stock had a trading volume of 2,702,464 shares, compared to its average volume of 12,075,866. The company has a market cap of $61.50 billion, a P/E ratio of 9.53, a PEG ratio of 0.95 and a beta of 0.24. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. The business's 50-day simple moving average is $59.03 and its 200-day simple moving average is $57.30. Occidental Petroleum has a 12 month low of $38.80 and a 12 month high of $67.45.

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 EPS for the quarter, beating analysts' consensus estimates 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%. The company's quarterly revenue was up 53.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.39 EPS. On average, sell-side analysts forecast that Occidental Petroleum will post 6.20 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Axiom Investment Management LLC purchased a new position in Occidental Petroleum in the first quarter valued at approximately $25,000. Hara Capital LLC bought a new stake in shares of Occidental Petroleum during the 2nd quarter valued at about $25,000. GKV Capital Management Co. Inc. purchased a new position in Occidental Petroleum in the 1st quarter worth approximately $26,000. Portus Wealth Advisors LLC bought a new stake in Occidental Petroleum during the first quarter worth about $29,000. Finally, Fiduciary Financial Advisors bought a new stake in Occidental Petroleum in the 2nd quarter worth approximately $31,000. 88.70% of the stock is owned by institutional investors.

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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