Occidental Petroleum (NYSE:OXY) Price Target Raised to $50.00

Key Points

• JPMorgan Chase & Co. raised Occidental Petroleum's target price to $50.00, suggesting a potential upside of 17.72% from its current price while maintaining a "neutral" rating.
• HSBC upgraded Occidental from "hold" to "buy" with a target of $55.00, while Bank of America set a target of $47.00 with a "neutral" rating.
• Currently, Occidental Petroleum has a consensus rating of "Hold" with an average target price of $52.61, with a mix of ratings among analysts including one "Strong Buy" and six "Buy" ratings.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its target price boosted by stock analysts at JPMorgan Chase & Co. from $49.00 to $50.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the oil and gas producer's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 17.72% from the company's current price.

Several other brokerages also recently issued reports on OXY. HSBC raised Occidental Petroleum from a "hold" rating to a "buy" rating and raised their price target for the stock from $48.00 to $55.00 in a report on Friday, October 3rd. Bank of America boosted their target price on Occidental Petroleum from $44.00 to $47.00 and gave the company a "neutral" rating in a research note on Monday, October 6th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $52.00 price target on shares of Occidental Petroleum in a research report on Monday, August 18th. Melius Research began coverage on Occidental Petroleum in a research report on Wednesday, August 20th. They issued a "hold" rating and a $64.00 price target on the stock. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Occidental Petroleum in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, sixteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $52.61.

Occidental Petroleum Trading Up 0.8%

Shares of Occidental Petroleum stock opened at $42.47 on Tuesday. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. Occidental Petroleum has a 1 year low of $34.78 and a 1 year high of $54.40. The company has a market capitalization of $41.81 billion, a P/E ratio of 25.13 and a beta of 0.95. The business has a 50 day moving average price of $45.61 and a 200 day moving average price of $43.57.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly 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. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The company had revenue of $6.41 billion during the quarter, compared to analyst estimates of $6.29 billion. During the same period in the prior year, the firm posted $1.03 earnings per share. The firm's revenue was down 6.1% on a year-over-year basis. Sell-side analysts anticipate that Occidental Petroleum will post 3.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of OXY. University of Texas Texas AM Investment Management Co. bought a new position in shares of Occidental Petroleum in the 2nd quarter valued at $27,000. Grove Bank & Trust grew its holdings in 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 period. Hantz Financial Services Inc. grew its holdings in Occidental Petroleum by 1,193.9% during the 2nd quarter. Hantz Financial Services Inc. now owns 854 shares of the oil and gas producer's stock worth $36,000 after acquiring an additional 788 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of Occidental Petroleum during the 1st quarter worth about $39,000. Finally, MeadowBrook Investment Advisors LLC boosted its position in shares of 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 purchasing an additional 788 shares in 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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