Occidental Petroleum’s (OXY) “Underweight” Rating Reaffirmed at JPMorgan Chase & Co.

Occidental Petroleum (NYSE:OXY)‘s stock had its “underweight” rating reaffirmed by analysts at JPMorgan Chase & Co. in a research report issued on Monday,Benzinga reports. They currently have a $44.00 price target on the oil and gas producer’s stock, down from their prior price target of $51.00. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 3.72% from the company’s previous close.

Several other brokerages have also recently issued reports on OXY. Piper Sandler dropped their price objective on shares of Occidental Petroleum from $47.00 to $46.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 18th. Evercore ISI cut their price target on shares of Occidental Petroleum from $40.00 to $38.00 and set an “underperform” rating for the company in a report on Friday, October 3rd. Melius Research initiated coverage on Occidental Petroleum in a report on Wednesday, August 20th. They issued a “hold” rating and a $64.00 price objective on the stock. UBS Group dropped their target price on Occidental Petroleum from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Friday, October 3rd. Finally, HSBC reduced their price target on Occidental Petroleum from $55.00 to $54.00 and set a “buy” rating for the company in a report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, thirteen have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, Occidental Petroleum has a consensus rating of “Hold” and a consensus target price of $50.19.

Occidental Petroleum Trading Down 0.6%

NYSE:OXY opened at $42.42 on Monday. The company has a quick ratio of 0.71, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. Occidental Petroleum has a 52-week low of $34.78 and a 52-week high of $53.20. The stock’s 50 day moving average price is $42.38 and its 200 day moving average price is $43.76. The company has a market capitalization of $41.79 billion, a PE ratio of 31.19 and a beta of 0.39.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Monday, November 10th. The oil and gas producer reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.16. Occidental Petroleum had a net margin of 7.81% and a return on equity of 12.35%. The company had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6.66 billion. During the same period last year, the firm posted $1.00 EPS. Occidental Petroleum’s revenue for the quarter was down 6.1% on a year-over-year basis. On average, research analysts anticipate that Occidental Petroleum will post 3.58 EPS for the current year.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors have recently modified their holdings of the company. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Occidental Petroleum during the 2nd quarter worth $27,000. City Holding Co. increased its stake in Occidental Petroleum by 250.0% in the third quarter. City Holding Co. now owns 700 shares of the oil and gas producer’s stock valued at $33,000 after purchasing an additional 500 shares during the last quarter. Binnacle Investments Inc purchased a new position in Occidental Petroleum during the third quarter worth about $35,000. Hantz Financial Services Inc. boosted its stake in Occidental Petroleum by 1,193.9% in the 2nd quarter. Hantz Financial Services Inc. now owns 854 shares of the oil and gas producer’s stock worth $36,000 after buying an additional 788 shares during the last quarter. Finally, GoalVest Advisory LLC purchased a new stake in Occidental Petroleum in the 3rd quarter valued at about $38,000. Institutional investors and hedge funds 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.