Citigroup Increases Occidental Petroleum (NYSE:OXY) Price Target to $67.00

Occidental Petroleum (NYSE:OXY) had its price objective boosted by investment analysts at Citigroup from $45.00 to $67.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the oil and gas producer’s stock. Citigroup’s price target would suggest a potential upside of 1.25% from the company’s previous close.

OXY has been the topic of a number of other research reports. Wolfe Research cut their target price on shares of Occidental Petroleum from $55.00 to $54.00 and set an “outperform” rating on the stock in a report on Wednesday, January 21st. Roth Mkm boosted their price objective on Occidental Petroleum from $39.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, February 20th. Zacks Research raised Occidental Petroleum from a “strong sell” rating to a “hold” rating in a research report on Monday, March 2nd. Jefferies Financial Group lifted their target price on Occidental Petroleum from $42.00 to $47.00 and gave the stock a “hold” rating in a report on Monday, February 23rd. Finally, JPMorgan Chase & Co. upgraded shares of Occidental Petroleum from an “underweight” rating to a “neutral” rating and set a $63.00 target price on the stock in a report on Friday, March 20th. Nine investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus price target of $56.59.

Occidental Petroleum Stock Up 1.3%

NYSE:OXY traded up $0.85 during mid-day trading on Monday, hitting $66.17. The company had a trading volume of 14,456,907 shares, compared to its average volume of 15,652,248. Occidental Petroleum has a 1 year low of $34.78 and a 1 year high of $67.05. The business has a fifty day simple moving average of $51.14 and a 200-day simple moving average of $45.59. 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 firm has a market capitalization of $65.62 billion, a price-to-earnings ratio of 41.11 and a beta of 0.34.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Wednesday, February 18th. The oil and gas producer reported $0.31 EPS for the quarter, beating the consensus estimate of $0.18 by $0.13. The business had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $6.02 billion. Occidental Petroleum had a return on equity of 9.89% and a net margin of 9.14%.The company’s revenue was down 5.2% on a year-over-year basis. During the same period last year, the business posted $0.80 EPS. Equities analysts forecast that Occidental Petroleum will post 3.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Occidental Petroleum

Large investors have recently made changes to their positions in the company. Woodline Partners LP raised its stake in Occidental Petroleum by 40.7% during the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock valued at $2,817,000 after purchasing an additional 16,506 shares during the period. J.W. Cole Advisors Inc. grew its holdings in shares of Occidental Petroleum by 32.1% during the second quarter. J.W. Cole Advisors Inc. now owns 14,600 shares of the oil and gas producer’s stock valued at $613,000 after buying an additional 3,547 shares in the last quarter. Quadrant Capital Group LLC raised its position in Occidental Petroleum by 141.9% during the second quarter. Quadrant Capital Group LLC now owns 23,969 shares of the oil and gas producer’s stock valued at $1,007,000 after buying an additional 14,061 shares during the period. Mackenzie Financial Corp lifted its stake in Occidental Petroleum by 5.5% in the 2nd quarter. Mackenzie Financial Corp now owns 64,748 shares of the oil and gas producer’s stock worth $2,720,000 after acquiring an additional 3,372 shares in the last quarter. Finally, VestGen Advisors LLC boosted its position in Occidental Petroleum by 15.8% during the 2nd quarter. VestGen Advisors LLC now owns 8,832 shares of the oil and gas producer’s stock worth $371,000 after acquiring an additional 1,207 shares during the period. 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.