Scotiabank Boosts Occidental Petroleum (NYSE:OXY) Price Target to $47.00

Key Points

• Scotiabank has increased its price target for Occidential Petroleum from $45.00 to $47.00, indicating a potential upside of 5.10% from the company's previous close.
• Other analysts have also raised their price targets for Occidental Petroleum, with Mizuho setting a new target of $60.00 and several others maintaining at least a neutral rating.
• The stock currently has a consensus rating of Hold, with an average target price of $52.52 despite the company's recent quarterly revenue declining by 6.1% year-over-year.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price objective increased by research analysts at Scotiabank from $45.00 to $47.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "sector perform" rating on the oil and gas producer's stock. Scotiabank's target price suggests a potential upside of 5.10% from the company's previous close.

A number of other equities research analysts have also commented on OXY. Mizuho upgraded shares of Occidental Petroleum from a "neutral" rating to an "outperform" rating and upped their price target for the company from $58.00 to $60.00 in a report on Friday, October 3rd. Morgan Stanley reiterated an "equal weight" rating and set a $52.00 price target on shares of Occidental Petroleum in a report on Monday, August 18th. Piper Sandler upped their price target on shares of Occidental Petroleum from $48.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Roth Capital upped their price target on shares of Occidental Petroleum from $45.00 to $46.00 and gave the company a "neutral" rating in a report on Thursday, October 2nd. Finally, JPMorgan Chase & Co. upped their price target on shares of Occidental Petroleum from $47.00 to $48.00 and gave the company a "neutral" rating in a report on Tuesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $52.52.

Occidental Petroleum Trading Down 0.7%

Shares of OXY traded down $0.32 during mid-day trading on Thursday, reaching $44.72. The company's stock had a trading volume of 3,088,013 shares, compared to its average volume of 11,618,612. The stock has a market cap of $44.02 billion, a PE ratio of 26.48 and a beta of 0.95. The company has a current ratio of 1.05, a quick ratio of 0.83 and a debt-to-equity ratio of 0.84. Occidental Petroleum has a 52 week low of $34.78 and a 52 week high of $55.24. The company's fifty day moving average price is $45.63 and its two-hundred day moving average price is $43.76.

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

Institutional Trading of Occidental Petroleum

Several institutional investors have recently bought and sold shares of OXY. Capital Investment Advisors LLC grew its position in Occidental Petroleum by 48.7% during the 1st quarter. Capital Investment Advisors LLC now owns 7,305 shares of the oil and gas producer's stock valued at $361,000 after purchasing an additional 2,391 shares during the last quarter. Daymark Wealth Partners LLC purchased a new stake in Occidental Petroleum during the 1st quarter valued at about $215,000. Pallas Capital Advisors LLC purchased a new stake in Occidental Petroleum during the 1st quarter valued at about $291,000. Yousif Capital Management LLC grew its position in Occidental Petroleum by 1.6% during the 1st quarter. Yousif Capital Management LLC now owns 89,767 shares of the oil and gas producer's stock valued at $4,431,000 after purchasing an additional 1,447 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Occidental Petroleum by 28.4% during the 1st quarter. GAMMA Investing LLC now owns 6,816 shares of the oil and gas producer's stock valued at $336,000 after purchasing an additional 1,507 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Company Profile

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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