Occidental Petroleum (NYSE:OXY) Given Equal Weight Rating at Morgan Stanley

Key Points

• Morgan Stanley has reaffirmed an "equal weight" rating for Occidental Petroleum (NYSE: OXY), with a target price of $52.00, indicating a potential upside of 16.57% from the current stock price.
• Analysts widely rate the stock as a "Hold," with an average target price estimated at $53.43, reflecting mixed opinions among different firms regarding the company's future performance.
• Occidental Petroleum's recent quarterly earnings topped expectations with $0.39 EPS, although its revenue has declined by 6.1% year-over-year, signaling a cautious outlook amidst fluctuating market conditions.

Occidental Petroleum (NYSE:OXY - Get Free Report)'s stock had its "equal weight" rating reaffirmed by investment analysts at Morgan Stanley in a report released on Monday,Benzinga reports. They currently have a $52.00 target price on the oil and gas producer's stock. Morgan Stanley's price objective would suggest a potential upside of 16.57% from the stock's current price.

Other analysts have also issued research reports about the company. Barclays upped their price objective on Occidental Petroleum from $46.00 to $48.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Mizuho cut their price objective on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Susquehanna reduced their target price on Occidental Petroleum from $59.00 to $55.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. Citigroup upped 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. Finally, Piper Sandler raised their target price on shares of Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $53.43.

Occidental Petroleum Price Performance

OXY stock opened at $44.61 on Monday. 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 has a 52-week low of $34.78 and a 52-week high of $58.47. The stock's 50 day moving average is $44.17 and its two-hundred day moving average is $44.13. The company has a market capitalization of $43.92 billion, a PE ratio of 26.40 and a beta of 0.91.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share 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 analyst estimates of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. Occidental Petroleum's quarterly revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.03 earnings per share. Analysts predict that Occidental Petroleum will post 3.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. CYBER HORNET ETFs LLC bought a new position in shares of Occidental Petroleum during the second quarter worth about $73,000. Evergreen Capital Management LLC grew its holdings in shares of Occidental Petroleum by 8.0% during the second quarter. Evergreen Capital Management LLC now owns 6,986 shares of the oil and gas producer's stock worth $295,000 after buying an additional 520 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Occidental Petroleum during the second quarter worth about $75,000. MUFG Securities EMEA plc acquired a new position in Occidental Petroleum during the second quarter valued at approximately $88,000. Finally, Corient Private Wealth LLC boosted its position in Occidental Petroleum by 0.5% during the second quarter. Corient Private Wealth LLC now owns 180,209 shares of the oil and gas producer's stock valued at $7,574,000 after purchasing an additional 843 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

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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