JPMorgan Chase & Co. Boosts Occidental Petroleum (NYSE:OXY) Price Target to $64.00

Key Points

• JPMorgan Chase raised its price target on Occidental to $64.00 (from $63.00) while maintaining a "neutral" rating, implying roughly a 9.35% upside from the prior close.
• Analyst sentiment is mixed with a MarketBeat consensus of "Hold" and a consensus target of $60.39; analyst tallies show 1 Strong Buy, 8 Buy, 15 Hold and 2 Sell, and several firms have set higher targets (e.g., Wells Fargo $72, Capital One $69).
• Occidental's latest quarter beat EPS expectations at $0.31 vs. $0.18 est., but revenue missed at $5.11B vs. $6.02B est. and fell about 5.2% year‑over‑year.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price objective boosted by stock analysts at JPMorgan Chase & Co. from $63.00 to $64.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The firm currently has a "neutral" rating on the oil and gas producer's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 9.35% from the company's previous close.

Several other research analysts have also recently commented on the company. The Goldman Sachs Group increased their price target on Occidental Petroleum from $41.00 to $54.00 and gave the company a "sell" rating in a research report on Wednesday, March 11th. Bank of America increased their price target on Occidental Petroleum from $44.00 to $45.00 in a research report on Tuesday, January 27th. Roth Mkm raised their price objective on Occidental Petroleum from $39.00 to $45.00 and gave the company a "neutral" rating in a research report on Friday, February 20th. Capital One Financial raised their price objective on Occidental Petroleum from $56.00 to $69.00 and gave the company an "equal weight" rating in a research report on Thursday, March 26th. Finally, Wells Fargo & Company raised their price objective on Occidental Petroleum from $69.00 to $72.00 and gave the company an "overweight" rating in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $60.39.

Occidental Petroleum Stock Up 1.0%

NYSE:OXY opened at $58.53 on Monday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.74 and a current ratio of 0.94. The company has a market cap of $58.04 billion, a PE ratio of 36.68 and a beta of 0.23. Occidental Petroleum has a 52-week low of $37.40 and a 52-week high of $67.45. The stock has a 50-day simple moving average of $54.77 and a 200 day simple moving average of $46.70.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its quarterly earnings data on Wednesday, February 18th. The oil and gas producer reported $0.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.13. Occidental Petroleum had a return on equity of 9.89% and a net margin of 9.14%.The business had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $6.02 billion. During the same period last year, the company earned $0.80 earnings per share. Occidental Petroleum's quarterly revenue was down 5.2% on a year-over-year basis. On average, sell-side analysts expect that Occidental Petroleum will post 3.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently bought and sold shares of OXY. Caitlin John LLC acquired a new position in shares of Occidental Petroleum in the 4th quarter valued at about $29,000. Activest Wealth Management raised its stake in Occidental Petroleum by 68.5% during the 4th quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer's stock worth $31,000 after buying an additional 305 shares during the period. Rossby Financial LCC raised its stake in Occidental Petroleum by 155.0% during the 4th quarter. Rossby Financial LCC now owns 765 shares of the oil and gas producer's stock worth $31,000 after buying an additional 465 shares during the period. City Holding Co. raised its stake in Occidental Petroleum by 250.0% during the 3rd quarter. City Holding Co. now owns 700 shares of the oil and gas producer's stock worth $33,000 after buying an additional 500 shares during the period. Finally, Binnacle Investments Inc acquired a new position in Occidental Petroleum during the 3rd quarter worth approximately $35,000. Institutional investors own 88.70% of the company's stock.

Occidental Petroleum Company Profile

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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