Raymond James Financial Issues Positive Forecast for Occidental Petroleum (NYSE:OXY) Stock Price

Key Points

• Raymond James raised its price target on Occidental to $75 (from $64) and kept an outperform rating, implying roughly a 26.1% upside from current levels.
• Analysts are mixed overall with a consensus rating of Hold and an average price target of $62.91; breakdown includes 1 Strong Buy, 8 Buy, 15 Hold and 2 Sell.
• Shares traded near $59.47 (down ~1.3% intraday); Occidental posted an EPS beat of $0.31 vs. $0.18 expected, but revenue fell 5.2% year-over-year and missed estimates.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price objective lifted by equities researchers at Raymond James Financial from $64.00 to $75.00 in a report issued on Monday,MarketScreener reports. The brokerage currently has an "outperform" rating on the oil and gas producer's stock. Raymond James Financial's price target would indicate a potential upside of 26.12% from the company's current price.

Other equities research analysts have also issued research reports about the company. BMO Capital Markets boosted their target price on Occidental Petroleum from $60.00 to $65.00 and gave the company a "market perform" rating in a research note on Tuesday, April 7th. Jefferies Financial Group upped their price target on Occidental Petroleum from $47.00 to $58.00 and gave the company a "hold" rating in a research report on Monday, April 13th. Mizuho upped their price target on Occidental Petroleum from $67.00 to $72.00 and gave the company an "outperform" rating in a research report on Tuesday, March 17th. Argus raised Occidental Petroleum to a "hold" rating in a research report on Friday, February 27th. Finally, Citigroup lowered their price target on Occidental Petroleum from $67.00 to $62.00 and set a "neutral" rating for the company in a research report on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $62.91.

Occidental Petroleum Trading Down 1.3%

Shares of NYSE OXY traded down $0.81 during midday trading on Monday, reaching $59.47. The company had a trading volume of 1,295,189 shares, compared to its average volume of 15,459,810. Occidental Petroleum has a one year low of $38.72 and a one year high of $67.45. The company has a quick ratio of 0.74, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The firm's fifty day moving average price is $57.77 and its 200-day moving average price is $47.87. The stock has a market cap of $58.97 billion, a PE ratio of 37.01 and a beta of 0.17.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its earnings results on Wednesday, February 18th. The oil and gas producer reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.18 by $0.13. Occidental Petroleum had a return on equity of 9.89% and a net margin of 9.14%.The company had revenue of $5.11 billion during the quarter, compared to analyst estimates of $6.02 billion. During the same quarter in the previous year, the company posted $0.80 EPS. Occidental Petroleum's revenue for the quarter was down 5.2% on a year-over-year basis. On average, equities research analysts anticipate that Occidental Petroleum will post 4.54 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in OXY. Dimensional Fund Advisors LP grew its holdings in shares of Occidental Petroleum by 21.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer's stock worth $436,008,000 after acquiring an additional 1,883,721 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Occidental Petroleum by 54.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer's stock worth $162,820,000 after acquiring an additional 1,393,638 shares during the period. Wellington Management Group LLP grew its holdings in shares of Occidental Petroleum by 1,029.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer's stock worth $70,580,000 after acquiring an additional 1,361,541 shares during the period. Invesco Ltd. grew its holdings in shares of Occidental Petroleum by 18.9% during the 4th quarter. Invesco Ltd. now owns 6,730,847 shares of the oil and gas producer's stock worth $276,772,000 after acquiring an additional 1,071,948 shares during the period. Finally, AQR Capital Management LLC grew its holdings in shares of Occidental Petroleum by 134.3% during the 3rd quarter. AQR Capital Management LLC now owns 1,815,821 shares of the oil and gas producer's stock worth $85,798,000 after acquiring an additional 1,040,941 shares during the period. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.