Wolfe Research Boosts Occidental Petroleum (NYSE:OXY) Price Target to $70.00

Occidental Petroleum (NYSE:OXY) had its price target hoisted by stock analysts at Wolfe Research from $67.00 to $70.00 in a report released on Monday,MarketScreener reports. The firm currently has an “outperform” rating on the oil and gas producer’s stock. Wolfe Research’s target price points to a potential upside of 11.80% from the stock’s current price.

A number of other equities analysts have also issued reports on the stock. Barclays increased their target price on shares of Occidental Petroleum from $55.00 to $59.00 and gave the company an “equal weight” rating in a research report on Monday, March 16th. Weiss Ratings upgraded shares of Occidental Petroleum from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 9th. Jefferies Financial Group upped their target price on Occidental Petroleum from $42.00 to $47.00 and gave the stock a “hold” rating in a research report on Monday, February 23rd. Bank of America lifted their price target on Occidental Petroleum from $44.00 to $45.00 in a research report on Tuesday, January 27th. Finally, Mizuho boosted their price objective on Occidental Petroleum from $67.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $59.52.

Occidental Petroleum Stock Performance

Shares of OXY stock opened at $62.61 on Monday. 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 business has a 50 day moving average of $53.21 and a two-hundred day moving average of $46.21. The company has a market cap of $62.09 billion, a P/E ratio of 39.03 and a beta of 0.23. Occidental Petroleum has a 52 week low of $34.78 and a 52 week high of $67.45.

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

Institutional Trading of Occidental Petroleum

A number of hedge funds have recently modified their holdings of OXY. Dimensional Fund Advisors LP lifted 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 increased its position 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 purchasing an additional 1,393,638 shares in the last quarter. Wellington Management Group LLP lifted its holdings in 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 valued at $70,580,000 after purchasing an additional 1,361,541 shares during the last quarter. Invesco Ltd. boosted its position in Occidental Petroleum by 18.9% in the fourth quarter. Invesco Ltd. now owns 6,730,847 shares of the oil and gas producer’s stock valued at $276,772,000 after buying an additional 1,071,948 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in Occidental Petroleum by 134.3% during the third quarter. AQR Capital Management LLC now owns 1,815,821 shares of the oil and gas producer’s stock worth $85,798,000 after buying an additional 1,040,941 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Company Profile

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.