Occidental Petroleum (NYSE:OXY) Coverage Initiated at Melius Research

Key Points

• Melius Research has initiated coverage of Occidental Petroleum (NYSE:OXY) with a "hold" rating and a price target of $64.00, indicating a potential upside of 45.83% from the current stock price.
• Other brokerage firms have also increased their price targets for Occidental Petroleum, with ranges between $45.00 and $52.00, reflecting a consensus "Hold" rating across analysts.
• Occidental Petroleum reported $0.39 EPS for the last quarter, surpassing expectations, although their revenue declined 6.1% year-over-year.

Equities research analysts at Melius Research started coverage on shares of Occidental Petroleum (NYSE:OXY - Get Free Report) in a research note issued on Wednesday,Benzinga reports. The firm set a "hold" rating and a $64.00 price target on the oil and gas producer's stock. Melius Research's price target would indicate a potential upside of 45.83% from the company's current price.

Several other brokerages have also weighed in on OXY. Scotiabank upped their price objective on Occidental Petroleum from $40.00 to $45.00 and gave the company a "sector perform" rating in a report on Friday, July 11th. JPMorgan Chase & Co. boosted their price target on shares of Occidental Petroleum from $47.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Citigroup raised their price objective on shares of Occidental Petroleum from $42.00 to $44.00 and gave the company a "neutral" rating in a research report on Monday, May 19th. Wells Fargo & Company dropped their target price 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, Morgan Stanley reissued an "equal weight" rating and set a $52.00 target price on shares of Occidental Petroleum in a research note on Monday. Four research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $54.35.

Occidental Petroleum Price Performance

Shares of NYSE:OXY traded down $0.0720 during trading on Wednesday, reaching $43.8880. The company had a trading volume of 984,940 shares, compared to its average volume of 11,886,790. The firm's fifty day moving average is $44.19 and its 200 day moving average is $44.11. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05. The firm has a market capitalization of $43.21 billion, a PE ratio of 26.00 and a beta of 0.91. Occidental Petroleum has a twelve month low of $34.78 and a twelve month high of $58.47.

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

Institutional Investors Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Occidental Petroleum during the second quarter worth $27,000. Bernard Wealth Management Corp. acquired a new position in Occidental Petroleum in the 4th quarter worth about $32,000. Grove Bank & Trust raised its stake in shares of Occidental Petroleum by 129.2% during the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock worth $36,000 after purchasing an additional 407 shares in the last quarter. American National Bank & Trust bought a new stake in shares of Occidental Petroleum in the 1st quarter valued at approximately $39,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Occidental Petroleum in the first quarter worth approximately $39,000. Hedge funds and other 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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