Bank of America Issues Positive Forecast for Occidental Petroleum (NYSE:OXY) Stock Price

Key Points

• Bank of America has raised its price target for Occidental Petroleum (NYSE:OXY) from $44 to $47, indicating a potential upside of 4.78% from its current stock price.
• Other analysts have mixed ratings, with HSBC upgrading the stock to a "buy" and setting a price target of $55, while the average rating remains a "hold" with a target of $52.43.
• Occidental Petroleum reported a quarterly earnings per share (EPS) of $0.39, beating analyst expectations, but showed a revenue decline of 6.1% year-over-year.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price target upped by analysts at Bank of America from $44.00 to $47.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the oil and gas producer's stock. Bank of America's price target would indicate a potential upside of 4.78% from the company's current price.

Other research analysts have also issued reports about the company. Weiss Ratings reissued a "hold (c-)" rating on shares of Occidental Petroleum in a research report on Saturday, September 27th. Morgan Stanley reaffirmed an "equal weight" rating and set a $52.00 price objective on shares of Occidental Petroleum in a research report on Monday, August 18th. Scotiabank boosted their target price on shares of Occidental Petroleum from $40.00 to $45.00 and gave the company a "sector perform" rating in a research report on Friday, July 11th. Wells Fargo & Company lowered their price objective on shares of Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 15th. Finally, HSBC upgraded Occidental Petroleum from a "hold" rating to a "buy" rating and upped their price target for the stock from $48.00 to $55.00 in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, sixteen have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, Occidental Petroleum presently has an average rating of "Hold" and an average price target of $52.43.

Occidental Petroleum Price Performance

Occidental Petroleum stock opened at $44.86 on Monday. The company has a market capitalization of $44.16 billion, a PE ratio of 26.54 and a beta of 0.95. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. The stock has a 50-day moving average price of $45.63 and a two-hundred day moving average price of $43.76. Occidental Petroleum has a 12 month low of $34.78 and a 12 month high of $56.49.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $6.41 billion during the quarter, compared to analysts' expectations of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The company's revenue was down 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 EPS. Analysts expect that Occidental Petroleum will post 3.58 EPS for the current year.

Institutional Trading of Occidental Petroleum

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Occidental Petroleum by 17.8% in the first quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer's stock valued at $3,960,202,000 after acquiring an additional 12,107,285 shares during the period. Geode Capital Management LLC lifted its holdings in Occidental Petroleum by 22.0% in the 2nd quarter. Geode Capital Management LLC now owns 18,089,878 shares of the oil and gas producer's stock worth $756,796,000 after buying an additional 3,267,269 shares during the period. Nuveen LLC purchased a new position in shares of Occidental Petroleum during the first quarter valued at approximately $99,853,000. Dimensional Fund Advisors LP lifted its stake in Occidental Petroleum by 9.6% in the first quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer's stock worth $401,162,000 after acquiring an additional 710,220 shares during the period. Finally, Canada Pension Plan Investment Board raised its holdings in Occidental Petroleum by 926.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 777,564 shares of the oil and gas producer's stock worth $38,381,000 after purchasing an additional 701,846 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.

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