Occidental Petroleum (NYSE:OXY) Price Target Raised to $68.00

Key Points

• HSBC raised its price target on Occidental Petroleum from $59 to $68 and kept a "buy" rating, implying about a 14.1% upside from the prior close.
• Analyst coverage is mixed—nine Buys, twelve Holds and three Sells—leaving a MarketBeat consensus rating of "Hold" and a consensus price target of $54.48.
• Occidental beat EPS estimates ( $0.31 vs. $0.18) but missed revenue expectations ($5.11B vs. $6.02B), and the stock trades near its 12‑month high (~$59.61) with a PE of about 37.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price objective upped by equities researchers at HSBC from $59.00 to $68.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the oil and gas producer's stock. HSBC's target price indicates a potential upside of 14.07% from the stock's previous close.

A number of other equities analysts have also recently commented on OXY. BMO Capital Markets boosted their price target on Occidental Petroleum from $48.00 to $60.00 and gave the stock a "market perform" rating in a report on Monday, February 23rd. Roth Mkm lifted their target price on Occidental Petroleum from $39.00 to $45.00 and gave the company a "neutral" rating in a research report on Friday, February 20th. Susquehanna boosted their target price on Occidental Petroleum from $51.00 to $60.00 and gave the stock a "positive" rating in a research note on Friday, February 20th. Mizuho raised their price target on shares of Occidental Petroleum from $67.00 to $72.00 and gave the company an "outperform" rating in a research note on Tuesday. Finally, UBS Group lifted their price target on shares of Occidental Petroleum from $49.00 to $55.00 and gave the company a "neutral" rating in a report on Thursday, March 5th. Nine analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Occidental Petroleum currently has a consensus rating of "Hold" and a consensus price target of $54.48.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $59.61 on Friday. The firm has a 50 day moving average of $48.85 and a 200-day moving average of $44.94. Occidental Petroleum has a 12 month low of $34.78 and a 12 month high of $60.73. The company has a current ratio of 0.94, a quick ratio of 0.74 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $58.80 billion, a PE ratio of 37.03 and a beta of 0.34.

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 business had revenue of $5.11 billion for the quarter, compared to analysts' expectations of $6.02 billion. During the same period last year, the firm posted $0.80 earnings per share. The firm's quarterly revenue was down 5.2% compared to the same quarter last year. On average, equities research analysts predict that Occidental Petroleum will post 3.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Caitlin John LLC bought a new stake in Occidental Petroleum during the 4th quarter worth approximately $29,000. Activest Wealth Management lifted its holdings in shares of 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 grew its stake in shares of Occidental Petroleum by 155.0% in 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 last quarter. City Holding Co. increased its holdings in Occidental Petroleum by 250.0% in the third quarter. City Holding Co. now owns 700 shares of the oil and gas producer's stock valued at $33,000 after purchasing an additional 500 shares during the period. Finally, Binnacle Investments Inc bought a new position in Occidental Petroleum during the 3rd quarter worth $35,000. Institutional investors and hedge funds own 88.70% of the company's stock.

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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