Occidental Petroleum (NYSE:OXY) Stock Rating Upgraded by Seaport Research Partners

Occidental Petroleum (NYSE:OXY) was upgraded by Seaport Research Partners to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks reports.

Other equities research analysts have also recently issued research reports about the stock. Citigroup reduced their price target on shares of Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, July 17th. Weiss Ratings lowered shares of Occidental Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 25th. Truist Financial lifted their price objective on shares of Occidental Petroleum from $57.00 to $63.00 and gave the stock a “hold” rating in a research note on Monday, August 10th. Morgan Stanley reduced their target price on shares of Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating on the stock in a report on Friday, June 26th. Finally, Susquehanna increased their price target on shares of Occidental Petroleum from $67.00 to $70.00 and gave the company a “positive” rating in a report on Tuesday, August 11th. Ten analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $64.83.

Occidental Petroleum Stock Down 0.6%

Shares of OXY stock opened at $60.54 on Wednesday. Occidental Petroleum has a 52 week low of $38.80 and a 52 week high of $67.45. The company has a quick ratio of 1.13, a current ratio of 1.41 and a debt-to-equity ratio of 0.40. The company’s fifty day simple moving average is $55.90 and its two-hundred day simple moving average is $56.42. The stock has a market cap of $60.52 billion, a P/E ratio of 9.37, a PEG ratio of 0.96 and a beta of 0.16.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The company had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. During the same period in the previous year, the business earned $0.39 earnings per share. The firm’s revenue for the quarter was up 53.4% on a year-over-year basis. Analysts predict that Occidental Petroleum will post 6.09 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Richard Jackson purchased 4,770 shares of Occidental Petroleum stock in a transaction dated Tuesday, June 23rd. The stock was purchased at an average cost of $52.38 per share, with a total value of $249,852.60. Following the transaction, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. The trade was a 1.09% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of OXY. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Occidental Petroleum by 12.5% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer’s stock valued at $111,000 after purchasing an additional 196 shares during the last quarter. Athena Wealth Management LLC grew its stake in Occidental Petroleum by 1.2% in the 1st quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer’s stock valued at $1,206,000 after acquiring an additional 214 shares during the period. Elevation Wealth Partners LLC increased its stake in shares of Occidental Petroleum by 15.8% during the second quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer’s stock worth $78,000 after purchasing an additional 220 shares in the last quarter. HBK Sorce Advisory LLC raised its holdings in shares of Occidental Petroleum by 2.8% during the second quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer’s stock valued at $442,000 after acquiring an additional 220 shares during the last quarter. Finally, Summit Securities Group LLC boosted its stake in shares of Occidental Petroleum by 18.5% in the fourth quarter. Summit Securities Group LLC now owns 1,469 shares of the oil and gas producer’s stock worth $60,000 after acquiring an additional 229 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.