Occidental Petroleum (NYSE:OXY) Price Target Lowered to $45.00 at UBS Group

Key Points

• UBS Group has lowered its price target for Occidental Petroleum from $46.00 to $45.00 while maintaining a "neutral" rating on the stock, indicating a potential upside of 0.72% from its current price.
• Several analysts have varying ratings on Occidental Petroleum, with a total of six giving a Buy rating, seventeen a Hold rating, and one a Sell rating, resulting in an average target price of $54.04.
• Occidental Petroleum reported earnings of $0.39 per share for the last quarter, beating expectations and reflecting a revenue of $6.41 billion, though it experienced a year-over-year revenue decline of 6.1%.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price objective dropped by UBS Group from $46.00 to $45.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the oil and gas producer's stock. UBS Group's target price would indicate a potential upside of 0.72% from the stock's current price.

Several other equities research analysts have also recently commented on OXY. Melius Research began coverage on Occidental Petroleum in a research report on Wednesday, August 20th. They set a "hold" rating and a $64.00 price objective on the stock. Roth Capital raised their target price on Occidental Petroleum from $45.00 to $46.00 and gave the stock a "neutral" rating in a research report on Thursday. Wall Street Zen cut Occidental Petroleum from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Wells Fargo & Company dropped their target price on Occidental Petroleum from $47.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 15th. Finally, Morgan Stanley reaffirmed an "equal weight" rating and issued a $52.00 price objective on shares of Occidental Petroleum in a research note on Monday, August 18th. Six investment analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $54.04.

Occidental Petroleum Stock Performance

Occidental Petroleum stock traded up $0.45 during midday trading on Friday, reaching $44.68. The stock had a trading volume of 4,488,227 shares, compared to its average volume of 11,630,262. The firm has a market capitalization of $43.98 billion, a PE ratio of 26.41 and a beta of 0.95. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. The firm's 50-day moving average price is $45.62 and its 200 day moving average price is $43.84. Occidental Petroleum has a 12 month low of $34.78 and a 12 month high of $56.49.

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

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors and hedge funds have recently modified their holdings of OXY. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Occidental Petroleum during the 2nd quarter worth approximately $27,000. Grove Bank & Trust lifted 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 acquiring an additional 407 shares during the last quarter. Hantz Financial Services Inc. increased its stake in shares of Occidental Petroleum by 1,193.9% during the second quarter. Hantz Financial Services Inc. now owns 854 shares of the oil and gas producer's stock valued at $36,000 after buying an additional 788 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in shares of Occidental Petroleum during the first quarter valued at $39,000. Finally, MeadowBrook Investment Advisors LLC grew its stake in Occidental Petroleum by 371.7% during the 2nd quarter. MeadowBrook Investment Advisors LLC now owns 1,000 shares of the oil and gas producer's stock worth $42,000 after buying an additional 788 shares during the last quarter. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Company Profile

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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