Occidental Petroleum (NYSE:OXY) Given New $70.00 Price Target at Susquehanna

Key Points

• Susquehanna raised Occidental Petroleum’s price target to $70 from $67 and maintained a “positive” rating, implying 19.62% potential upside from the stock’s reported $58.52 price.
• Analyst sentiment is mixed: OXY has 10 Buy ratings and 16 Holds, resulting in an overall “Hold” consensus and an average price target of $65.
• Occidental reported stronger-than-expected quarterly results, with EPS of $2.40 versus a $1.83 consensus estimate and revenue of $8.06 billion, up 53.4% year over year. CEO Richard A. Jackson also purchased nearly $250,000 of company stock.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price target lifted by stock analysts at Susquehanna from $67.00 to $70.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a "positive" rating on the oil and gas producer's stock. Susquehanna's target price would suggest a potential upside of 19.62% from the stock's current price.

Several other equities analysts have also commented on the stock. Raymond James Financial upped their price target on shares of Occidental Petroleum from $64.00 to $75.00 and gave the stock an "outperform" rating in a research report on Monday, May 4th. Stephens decreased their price objective on Occidental Petroleum from $73.00 to $69.00 and set an "overweight" rating for the company in a report on Tuesday, July 14th. Zacks Research lowered Occidental Petroleum from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 22nd. Capital One Financial upped their price objective on shares of Occidental Petroleum from $67.00 to $70.00 in a report on Wednesday, May 27th. Finally, UBS Group reduced their price target on shares of Occidental Petroleum from $67.00 to $65.00 and set a "neutral" rating for the company in a research note on Thursday, May 7th. Ten analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $65.00.

Occidental Petroleum Trading Up 4.7%

NYSE OXY opened at $58.52 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. The company has a 50-day simple moving average of $54.20 and a 200-day simple moving average of $54.59. Occidental Petroleum has a one year low of $38.80 and a one year high of $67.45. The firm has a market capitalization of $58.50 billion, a PE ratio of 9.06, a price-to-earnings-growth ratio of 0.82 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The business had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. During the same quarter last year, the business posted $0.39 EPS. The business's revenue was up 53.4% on a year-over-year basis. On average, equities analysts forecast that Occidental Petroleum will post 5.38 earnings per share for the current year.

Insider Buying and Selling at Occidental Petroleum

In related news, CEO Richard A. Jackson acquired 4,770 shares of Occidental Petroleum stock in a transaction dated Tuesday, June 23rd. The stock was acquired at an average cost of $52.38 per share, with a total value of $249,852.60. Following the purchase, the chief executive officer directly owned 444,098 shares in the company, valued at $23,261,853.24. The trade was a 1.09% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors have recently bought and sold shares of OXY. Vanguard Group Inc. boosted its holdings in shares of Occidental Petroleum by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer's stock worth $3,696,716,000 after buying an additional 699,137 shares during the period. State Street Corp lifted its position in shares of Occidental Petroleum by 2.1% in the 4th quarter. State Street Corp now owns 39,539,743 shares of the oil and gas producer's stock valued at $1,635,263,000 after acquiring an additional 828,848 shares in the last quarter. Geode Capital Management LLC boosted its stake in Occidental Petroleum by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer's stock worth $771,949,000 after purchasing an additional 167,518 shares during the period. Bank of New York Mellon Corp grew its position in Occidental Petroleum by 84.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer's stock worth $516,975,000 after purchasing an additional 4,882,834 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Occidental Petroleum by 21.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer's stock worth $436,008,000 after purchasing an additional 1,883,721 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

About Occidental Petroleum

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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