Melius Initiates Coverage on Occidental Petroleum (NYSE:OXY)

Key Points

• Melius has initiated coverage on Occidental Petroleum (NYSE:OXY), assigning a "hold" rating with a price target of $64.00, indicating a potential upside of 45.60% from its previous close.
• Other analysts have set price targets ranging from $44.00 to $52.00, reflecting a consensus hold rating, with four analysts rating the stock as a buy.
• Occidental Petroleum reported earnings of $0.39 per share for the last quarter, exceeding estimates, but has seen a year-over-year revenue decline of 6.1%.

Analysts at Melius assumed coverage on shares of Occidental Petroleum (NYSE:OXY - Get Free Report) in a research report issued to clients and investors on Wednesday,Briefing.com Automated Import reports. The brokerage set a "hold" rating and a $64.00 price target on the oil and gas producer's stock. Melius' price target points to a potential upside of 45.60% from the stock's previous close.

Other equities analysts have also issued reports about the company. Barclays upped their target price on Occidental Petroleum from $46.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Citigroup increased their target price on Occidental Petroleum from $42.00 to $44.00 and gave the company a "neutral" rating in a report on Monday, May 19th. Morgan Stanley reaffirmed an "equal weight" rating and set a $52.00 price target on shares of Occidental Petroleum in a research report on Monday. Piper Sandler increased their target price on Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Finally, Scotiabank increased their target price on Occidental Petroleum from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Four equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $53.91.

Occidental Petroleum Stock Down 0.6%

OXY stock opened at $43.9550 on Wednesday. The stock's 50 day moving average is $44.19 and its 200-day moving average is $44.11. The firm has a market capitalization of $43.27 billion, a PE ratio of 26.01 and a beta of 0.91. Occidental Petroleum has a twelve month low of $34.78 and a twelve month high of $58.47. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84.

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

Institutional Trading of Occidental Petroleum

A number of institutional investors and hedge funds have recently modified their holdings of the business. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Occidental Petroleum in the second quarter worth $27,000. Bernard Wealth Management Corp. bought a new stake in shares of Occidental Petroleum in the fourth quarter worth $32,000. Grove Bank & Trust grew its holdings in shares of Occidental Petroleum by 129.2% in the first quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock worth $36,000 after acquiring an additional 407 shares during the period. Hantz Financial Services Inc. grew its holdings in shares of Occidental Petroleum by 1,193.9% in the second quarter. Hantz Financial Services Inc. now owns 854 shares of the oil and gas producer's stock worth $36,000 after acquiring an additional 788 shares during the period. Finally, American National Bank & Trust bought a new stake in shares of Occidental Petroleum in the first quarter worth $39,000. Institutional investors own 88.70% of the company's stock.

About Occidental Petroleum

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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