Occidental Petroleum (NYSE:OXY) Price Target Raised to $67.00 at UBS Group

Key Points

• UBS Group raised its price target on Occidental Petroleum from $64 to $67 while keeping a "neutral" rating, implying roughly a 14.4% upside from the prior close.
• Multiple brokers also lifted targets (e.g., Capital One to $69, HSBC to $68, Stephens to $74, Wells Fargo to $72), but MarketBeat's consensus remains a Hold with an average price target of $60.91.
• Occidental traded at $58.56 with a $58.1B market cap and P/E of 36.4, and it posted an EPS beat of $0.31 vs. $0.18 while revenue missed at $5.11B vs. $6.02B expected.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price target lifted by analysts at UBS Group from $64.00 to $67.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the oil and gas producer's stock. UBS Group's target price indicates a potential upside of 14.42% from the stock's previous close.

Several other equities research analysts have also weighed in on OXY. Capital One Financial increased their price objective on shares of Occidental Petroleum from $56.00 to $69.00 and gave the stock an "equal weight" rating in a report on Thursday, March 26th. HSBC increased their price objective on shares of Occidental Petroleum from $59.00 to $68.00 and gave the stock a "buy" rating in a report on Friday, March 20th. Stephens raised their target price on shares of Occidental Petroleum from $59.00 to $74.00 and gave the company an "overweight" rating in a research note on Tuesday, March 31st. Wells Fargo & Company raised their target price on shares of Occidental Petroleum from $69.00 to $72.00 and gave the company an "overweight" rating in a research note on Thursday. Finally, Weiss Ratings raised shares of Occidental Petroleum from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, March 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $60.91.

Occidental Petroleum Stock Performance

NYSE:OXY traded up $0.59 during trading hours on Monday, hitting $58.56. 4,809,464 shares of the company traded hands, compared to its average volume of 16,157,745. The stock has a market capitalization of $58.07 billion, a price-to-earnings ratio of 36.40 and a beta of 0.23. Occidental Petroleum has a twelve month low of $37.40 and a twelve month high of $67.45. The firm has a 50-day moving average of $54.77 and a 200 day moving average of $46.70. The company has a current ratio of 0.94, a quick ratio of 0.74 and a debt-to-equity ratio of 0.73.

Occidental Petroleum (NYSE:OXY - Get Free Report) last announced its quarterly earnings data on Wednesday, February 18th. The oil and gas producer reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.18 by $0.13. Occidental Petroleum had a net margin of 9.14% and a return on equity of 9.89%. The company had revenue of $5.11 billion during the quarter, compared to analysts' expectations of $6.02 billion. During the same quarter in the prior year, the company posted $0.80 EPS. The business's revenue was down 5.2% on a year-over-year basis. On average, analysts forecast that Occidental Petroleum will post 3.58 EPS for the current year.

Hedge Funds Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently made changes to their positions in OXY. Caitlin John LLC bought a new position in shares of Occidental Petroleum in the fourth quarter valued at $29,000. Activest Wealth Management boosted its position in Occidental Petroleum by 68.5% during the fourth quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer's stock worth $31,000 after purchasing an additional 305 shares during the period. Rossby Financial LCC boosted its position in Occidental Petroleum by 155.0% during the fourth quarter. Rossby Financial LCC now owns 765 shares of the oil and gas producer's stock worth $31,000 after purchasing an additional 465 shares during the period. City Holding Co. boosted its position in Occidental Petroleum by 250.0% during the third quarter. City Holding Co. now owns 700 shares of the oil and gas producer's stock worth $33,000 after purchasing an additional 500 shares during the period. Finally, Binnacle Investments Inc bought a new position in Occidental Petroleum during the third quarter worth $35,000. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum Company Profile

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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