Roth Capital Forecasts Strong Price Appreciation for Occidental Petroleum (NYSE:OXY) Stock

Key Points

• Roth Capital has raised its price target for Occidental Petroleum's stock from $45.00 to $46.00, projecting a potential upside of 3.96% from its previous close.
• Several other research firms have also updated their price targets, with Piper Sandler setting a target of $50.00 and Melius Research initiating coverage with a target of $64.00.
• Occidental Petroleum's shares dropped by 7.3%, closing at $44.25, despite reporting better-than-expected quarterly earnings of $0.39 per share.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price objective upped by Roth Capital from $45.00 to $46.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the oil and gas producer's stock. Roth Capital's price target points to a potential upside of 3.96% from the company's previous close.

Several other research firms have also recently weighed in on OXY. Piper Sandler increased their price objective on shares of Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Melius Research initiated coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They set a "hold" rating and a $64.00 target price for the company. Melius initiated coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They set a "hold" rating and a $64.00 target price for the company. UBS Group raised their target price on Occidental Petroleum from $45.00 to $46.00 and gave the stock a "neutral" rating in a research note on Monday, September 15th. Finally, Morgan Stanley reaffirmed an "equal weight" rating and set a $52.00 price objective on shares of Occidental Petroleum in a research report on Monday, August 18th. Four analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $53.95.

Occidental Petroleum Trading Down 7.3%

Shares of OXY stock traded down $3.47 on Thursday, hitting $44.25. The company had a trading volume of 34,435,520 shares, compared to its average volume of 11,612,258. The firm has a market cap of $43.56 billion, a P/E ratio of 26.18 and a beta of 0.95. The stock's 50-day moving average is $45.63 and its two-hundred day moving average is $43.86. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.83 and a current ratio of 1.05. Occidental Petroleum has a twelve month low of $34.78 and a twelve month high of $56.49.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $6.41 billion during the quarter, compared to the consensus estimate of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The company's revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.03 EPS. On average, equities research analysts anticipate that Occidental Petroleum will post 3.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors have recently bought and sold shares of OXY. Vanguard Group Inc. lifted its holdings in Occidental Petroleum by 17.8% during 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 purchasing an additional 12,107,285 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Occidental Petroleum by 22.0% in the second quarter. Geode Capital Management LLC now owns 18,089,878 shares of the oil and gas producer's stock worth $756,796,000 after buying an additional 3,267,269 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Occidental Petroleum in the first quarter worth about $99,853,000. Dimensional Fund Advisors LP lifted its holdings in shares of Occidental Petroleum by 9.6% in the first quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer's stock worth $401,162,000 after buying an additional 710,220 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in Occidental Petroleum by 926.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 777,564 shares of the oil and gas producer's stock worth $38,381,000 after purchasing an additional 701,846 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

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.

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