Occidental Petroleum (NYSE:OXY) Price Target Raised to $63.00 at Truist Financial

Key Points

• Truist Financial raised Occidental Petroleum’s price target to $63 from $57 while maintaining a “hold” rating, implying 7.37% upside from the prior close. Analysts’ consensus remains “Hold,” with an average target of $64.87.
• Occidental shares rose 4.9% to $58.67 in Monday trading. The company recently reported quarterly EPS of $2.40, beating expectations of $1.83, while revenue increased 53.4% year over year to $8.06 billion.
• CEO Richard A. Jackson purchased 4,770 shares worth about $249,853, and institutional investors own approximately 88.7% of the company’s stock.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price target increased by research analysts at Truist Financial from $57.00 to $63.00 in a research note issued on Monday,Benzinga reports. The firm presently has a "hold" rating on the oil and gas producer's stock. Truist Financial's price objective suggests a potential upside of 7.37% from the stock's previous close.

A number of other brokerages also recently commented on OXY. Susquehanna boosted their target price on shares of Occidental Petroleum from $60.00 to $67.00 and gave the stock a "positive" rating in a research note on Tuesday, April 21st. UBS Group dropped their price objective on Occidental Petroleum from $67.00 to $65.00 and set a "neutral" rating on the stock in a report on Thursday, May 7th. Jefferies Financial Group increased their price target on shares of Occidental Petroleum from $47.00 to $58.00 and gave the company a "hold" rating in a research note on Monday, April 13th. Weiss Ratings downgraded shares of Occidental Petroleum from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. Finally, Stephens cut their price target on shares of Occidental Petroleum from $73.00 to $69.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 14th. Ten analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum has a consensus rating of "Hold" and an average target price of $64.87.

Occidental Petroleum Trading Up 4.9%

Occidental Petroleum stock traded up $2.76 during trading on Monday, reaching $58.67. 4,821,981 shares of the company were exchanged, compared to its average volume of 13,235,488. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13. The stock's 50 day simple moving average is $54.21 and its two-hundred day simple moving average is $54.48. The company has a market capitalization of $58.36 billion, a P/E ratio of 9.08, a PEG ratio of 0.82 and a beta of 0.15. Occidental Petroleum has a 52-week low of $38.80 and a 52-week high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last issued 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 net margin of 28.36% and a return on equity of 15.31%. The business had revenue of $8.06 billion for the quarter, compared to analysts' expectations of $7.07 billion. During the same quarter in the prior year, the company earned $0.39 earnings per share. The business's quarterly revenue was up 53.4% on a year-over-year basis. On average, equities research analysts expect that Occidental Petroleum will post 5.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Richard A. Jackson acquired 4,770 shares of the company's stock in a transaction that occurred on Tuesday, June 23rd. The stock was purchased 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 of the company's stock, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.50% of the company's stock.

Institutional Trading of Occidental Petroleum

Large investors have recently modified their holdings of the business. BOK Financial Private Wealth Inc. acquired a new position in shares of Occidental Petroleum during the 2nd quarter worth approximately $46,000. Danica Pension Livsforsikringsaktieselskab acquired a new stake in Occidental Petroleum during the 2nd quarter valued at $25,415,000. Danske Bank A S purchased a new position in Occidental Petroleum during the second quarter worth $172,413,000. Diversify Advisory Services LLC acquired a new position in shares of Occidental Petroleum in the second quarter worth $1,234,000. Finally, Gables Capital Management Inc. purchased a new stake in shares of Occidental Petroleum in the second quarter valued at $173,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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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