Barclays Lowers Occidental Petroleum (NYSE:OXY) Price Target to $71.00

Key Points

• Barclays lowered Occidental Petroleum’s price target from $75 to $71 while maintaining an “overweight” rating, implying approximately 21% upside from the stock’s $58.60 price.
• Analyst sentiment remains mixed: MarketBeat reports a consensus “Hold” rating and average price target of $64.83, based on 10 Buy and 16 Hold recommendations.
• Occidental reported stronger-than-expected quarterly results, with $2.40 in earnings per share versus $1.83 expected and revenue of $8.06 billion, up 53.4% year over year.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price objective decreased by Barclays from $75.00 to $71.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an "overweight" rating on the oil and gas producer's stock. Barclays's price objective would indicate a potential upside of 21.16% from the company's current price.

Several other research analysts have also recently issued reports on the stock. Scotiabank increased their target price on shares of Occidental Petroleum from $46.00 to $57.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. JPMorgan Chase & Co. dropped their price objective on shares of Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. Stephens cut their price objective on shares of Occidental Petroleum from $73.00 to $69.00 and set an "overweight" rating on the stock in a report on Tuesday, July 14th. Evercore raised shares of Occidental Petroleum from an "in-line" rating to an "outperform" rating and set a $65.00 price objective for the company in a research note on Wednesday, July 8th. Finally, UBS Group lowered their target price on Occidental Petroleum from $67.00 to $65.00 and set a "neutral" rating for the company in a report on Thursday, May 7th. Ten research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company's stock. According to MarketBeat, Occidental Petroleum has a consensus rating of "Hold" and a consensus price target of $64.83.

Occidental Petroleum Trading Up 0.4%

OXY stock traded up $0.24 during midday trading on Monday, reaching $58.60. The company's stock had a trading volume of 389,101 shares, compared to its average volume of 13,042,303. The stock has a fifty day simple moving average of $54.19 and a two-hundred day simple moving average of $55.01. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. The firm has a market capitalization of $58.58 billion, a price-to-earnings ratio of 9.05, a PEG ratio of 0.79 and a beta of 0.15. 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 announced its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share 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 analyst estimates of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm's revenue for the quarter was up 53.4% on a year-over-year basis. During the same quarter last year, the business posted $0.39 EPS. On average, equities research analysts predict that Occidental Petroleum will post 5.81 EPS for the current year.

Insider Activity at Occidental Petroleum

In other news, CEO Richard A. Jackson acquired 4,770 shares of Occidental Petroleum stock in a transaction that occurred on Tuesday, June 23rd. The stock was purchased at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the purchase, the chief executive officer directly owned 444,098 shares in the company, valued at $23,261,853.24. The trade was a 1.09% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 0.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors have recently bought and sold shares of OXY. Whittier Trust Co. of Nevada Inc. increased its stake in Occidental Petroleum by 12.5% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer's stock valued at $111,000 after buying an additional 196 shares during the period. Athena Wealth Management LLC raised its holdings in shares of Occidental Petroleum by 1.2% during the first quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer's stock worth $1,206,000 after acquiring an additional 214 shares in the last quarter. Elevation Wealth Partners LLC boosted its position in Occidental Petroleum by 15.8% during the second quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer's stock valued at $78,000 after purchasing an additional 220 shares during the last quarter. HBK Sorce Advisory LLC boosted its position in Occidental Petroleum by 2.8% during the second quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer's stock valued at $442,000 after purchasing an additional 220 shares during the last quarter. Finally, Carrera Capital Advisors grew its stake in Occidental Petroleum by 0.5% in the fourth quarter. Carrera Capital Advisors now owns 44,279 shares of the oil and gas producer's stock valued at $1,831,000 after purchasing an additional 227 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

About Occidental Petroleum

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental's operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.

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