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

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price target upped by Piper Sandler from $48.00 to $50.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the oil and gas producer's stock. Piper Sandler's price objective would suggest a potential upside of 14.80% from the company's current price.

OXY has been the topic of a number of other reports. Mizuho dropped their price target on shares of Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Scotiabank set a $45.00 target price on shares of Occidental Petroleum and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Barclays lifted their price target on Occidental Petroleum from $46.00 to $48.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. TD Cowen lowered Occidental Petroleum from a "buy" rating to a "hold" rating and dropped their price target for the stock from $68.00 to $45.00 in a report on Tuesday, April 8th. Finally, Citigroup lifted their target price on Occidental Petroleum from $42.00 to $44.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $53.71.

Occidental Petroleum Stock Up 2.2%

NYSE OXY traded up $0.92 during trading hours on Thursday, hitting $43.55. The company's stock had a trading volume of 11,300,881 shares, compared to its average volume of 12,040,763. Occidental Petroleum has a 52 week low of $34.79 and a 52 week high of $64.76. The company has a market capitalization of $42.86 billion, a PE ratio of 17.70 and a beta of 0.84. The company has a current ratio of 1.01, a quick ratio of 0.79 and a debt-to-equity ratio of 0.90. The company's 50-day simple moving average is $43.32 and its two-hundred day simple moving average is $45.21.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.13. Occidental Petroleum had a return on equity of 16.60% and a net margin of 11.20%. The company had revenue of $6.80 billion for the quarter, compared to analyst estimates of $6.97 billion. During the same quarter last year, the company earned $0.63 earnings per share. The company's revenue for the quarter was up 13.9% on a year-over-year basis. Research analysts anticipate that Occidental Petroleum will post 3.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Occidental Petroleum

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Occidental Petroleum by 17.8% in the 1st quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer's stock worth $3,960,202,000 after buying an additional 12,107,285 shares during the last quarter. Berkshire Hathaway Inc increased its stake in Occidental Petroleum by 3.5% in the fourth quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer's stock valued at $13,053,055,000 after acquiring an additional 8,896,890 shares during the last quarter. Nuveen LLC bought a new position in Occidental Petroleum in the first quarter valued at $99,853,000. Worldquant Millennium Advisors LLC increased its position in shares of Occidental Petroleum by 1,075.3% during the 4th quarter. Worldquant Millennium Advisors LLC now owns 1,930,776 shares of the oil and gas producer's stock valued at $95,400,000 after purchasing an additional 1,766,491 shares during the last quarter. Finally, Marshall Wace LLP increased its position in shares of Occidental Petroleum by 48.1% during the 4th quarter. Marshall Wace LLP now owns 4,117,777 shares of the oil and gas producer's stock valued at $203,459,000 after purchasing an additional 1,337,728 shares during 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.