JPMorgan Chase & Co. Has Lowered Expectations for Occidental Petroleum (NYSE:OXY) Stock Price

Key Points

• JPMorgan cut its price target on Occidental Petroleum to $63 from $64, implying roughly a 16.8% upside from the stock's current price.
• Analyst consensus remains a Hold with a $62.78 average target, but opinions vary widely — from Morgan Stanley's $73 objective to Scotiabank's $57 — and ratings range from Strong Buy to Sell.
• Occidental beat on EPS ($1.06 vs. $0.60 est.) but missed revenue ($5.11B vs. $5.44B est.); the stock trades near $53.94 with a market cap of about $53.7B and a P/E of 13.6.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price target lowered by JPMorgan Chase & Co. from $64.00 to $63.00 in a report issued on Thursday,MarketScreener reports. JPMorgan Chase & Co.'s price target would indicate a potential upside of 16.79% from the stock's current price.

OXY has been the topic of a number of other reports. Scotiabank boosted 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. Weiss Ratings upgraded Occidental Petroleum from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Wednesday. Argus raised Occidental Petroleum to a "hold" rating in a research note on Friday, February 27th. Morgan Stanley raised their price objective on Occidental Petroleum from $53.00 to $73.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 28th. Finally, Zacks Research raised Occidental Petroleum from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 31st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $62.78.

Occidental Petroleum Price Performance

NYSE OXY traded up $0.00 during trading on Thursday, hitting $53.94. 2,615,971 shares of the stock traded hands, compared to its average volume of 15,493,155. The company has a market capitalization of $53.65 billion, a P/E ratio of 13.59 and a beta of 0.17. Occidental Petroleum has a 12-month low of $38.80 and a 12-month high of $67.45. The firm has a 50-day simple moving average of $58.02 and a 200-day simple moving average of $48.18. The company has a quick ratio of 0.74, a current ratio of 1.21 and a debt-to-equity ratio of 0.49.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.46. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.44 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. Occidental Petroleum's revenue for the quarter was down 8.3% compared to the same quarter last year. During the same period last year, the firm posted $0.14 earnings per share. As a group, analysts predict that Occidental Petroleum will post 4.77 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Portus Wealth Advisors LLC purchased a new stake in Occidental Petroleum in the 1st quarter valued at about $29,000. Caitlin John LLC purchased a new position in shares of Occidental Petroleum during the fourth quarter worth approximately $29,000. Activest Wealth Management raised its stake in shares of Occidental Petroleum by 68.5% during the fourth quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer's stock valued at $31,000 after acquiring an additional 305 shares in the last quarter. Rossby Financial LCC raised its stake in shares of Occidental Petroleum by 155.0% during the fourth quarter. Rossby Financial LCC now owns 765 shares of the oil and gas producer's stock valued at $31,000 after acquiring an additional 465 shares in the last quarter. Finally, Binnacle Investments Inc purchased a new stake in shares of Occidental Petroleum in the third quarter valued at approximately $35,000. 88.70% of the stock is currently owned by institutional investors.

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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