Occidental Petroleum (NYSE:OXY) Price Target Lowered to $38.00 at Evercore ISI

Key Points

• Evercore ISI has lowered Occidental Petroleum's price target from $40.00 to $38.00, maintaining an "underperform" rating, indicating a potential downside of 15.27% from its current price.
• In contrast, JPMorgan Chase has increased its price target to $48.00 with a "neutral" rating, and HSBC upgraded the company to "buy" while raising their price target to $55.00.
• As it stands, Occidental Petroleum has a consensus rating of "Hold" among analysts and a consensus price target of $53.38, with 88.70% of the stock owned by institutional investors.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its target price lowered by investment analysts at Evercore ISI from $40.00 to $38.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an "underperform" rating on the oil and gas producer's stock. Evercore ISI's price objective indicates a potential downside of 15.27% from the company's current price.

OXY has been the subject of a number of other research reports. JPMorgan Chase & Co. lifted their price objective on Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a research note on Tuesday, July 15th. HSBC upgraded Occidental Petroleum from a "hold" rating to a "buy" rating and lifted their price objective for the company from $48.00 to $55.00 in a research note on Friday. Morgan Stanley reiterated an "equal weight" rating and set a $52.00 price objective on shares of Occidental Petroleum in a research note on Monday, August 18th. Melius started coverage on Occidental Petroleum in a research report on Wednesday, August 20th. They set a "hold" rating and a $64.00 target price on the stock. Finally, Mizuho upgraded Occidental Petroleum from a "neutral" rating to an "outperform" rating and raised their target price for the company from $58.00 to $60.00 in a research report on Friday. Six research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Occidental Petroleum currently has a consensus rating of "Hold" and a consensus price target of $53.38.

Occidental Petroleum Stock Performance

OXY stock traded up $0.62 during midday trading on Friday, reaching $44.85. The stock had a trading volume of 10,730,290 shares, compared to its average volume of 11,661,046. The stock has a market cap of $44.15 billion, a PE ratio of 26.54 and a beta of 0.95. 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 fifty day simple moving average of $45.62 and a two-hundred day simple moving average of $43.84. Occidental Petroleum has a 52-week low of $34.78 and a 52-week high of $56.49.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued 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. The company had revenue of $6.41 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the business posted $1.03 EPS. As a group, equities research analysts anticipate that Occidental Petroleum will post 3.58 EPS for the current year.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors have recently bought and sold shares of the company. Rydar Equities Inc. acquired a new stake in Occidental Petroleum in the 2nd quarter worth about $263,000. Corient Private Wealth LLC boosted its holdings in shares of Occidental Petroleum by 0.5% during the 2nd quarter. Corient Private Wealth LLC now owns 180,210 shares of the oil and gas producer's stock worth $7,574,000 after purchasing an additional 844 shares during the last quarter. Valeo Financial Advisors LLC boosted its holdings in shares of Occidental Petroleum by 17.3% during the 2nd quarter. Valeo Financial Advisors LLC now owns 14,845 shares of the oil and gas producer's stock worth $624,000 after purchasing an additional 2,189 shares during the last quarter. Alternative Investment Advisors LLC. boosted its holdings in shares of Occidental Petroleum by 8.6% during the 2nd quarter. Alternative Investment Advisors LLC. now owns 23,569 shares of the oil and gas producer's stock worth $990,000 after purchasing an additional 1,875 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of Occidental Petroleum by 130.1% during the 2nd quarter. Thrivent Financial for Lutherans now owns 77,488 shares of the oil and gas producer's stock worth $3,260,000 after purchasing an additional 43,814 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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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