The Goldman Sachs Group Forecasts Strong Price Appreciation for Occidental Petroleum (NYSE:OXY) Stock

Occidental Petroleum (NYSE:OXY) had its price objective raised by The Goldman Sachs Group from $41.00 to $54.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “sell” rating on the oil and gas producer’s stock. The Goldman Sachs Group’s target price suggests a potential downside of 1.99% from the company’s current price.

Other equities analysts have also issued reports about the company. Roth Mkm increased their price objective on Occidental Petroleum from $39.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, February 20th. Wolfe Research reduced their price target on Occidental Petroleum from $55.00 to $54.00 and set an “outperform” rating for the company in a research report on Wednesday, January 21st. JPMorgan Chase & Co. raised their price target on Occidental Petroleum from $42.00 to $49.00 and gave the company an “underweight” rating in a report on Friday, February 20th. BMO Capital Markets lifted their price objective on shares of Occidental Petroleum from $48.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, February 23rd. Finally, Scotiabank decreased their target price on shares of Occidental Petroleum from $47.00 to $46.00 and set a “sector perform” rating for the company in a research report on Friday, January 16th. Seven research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $51.86.

Occidental Petroleum Stock Performance

OXY traded up $1.98 on Wednesday, hitting $55.10. 13,228,094 shares of the company’s stock were exchanged, compared to its average volume of 14,318,932. 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 stock has a fifty day moving average of $46.59 and a two-hundred day moving average of $44.38. Occidental Petroleum has a twelve month low of $34.78 and a twelve month high of $56.34. The firm has a market cap of $54.34 billion, a PE ratio of 34.19 and a beta of 0.34.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings results on Wednesday, February 18th. The oil and gas producer reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $6.02 billion. During the same period in the prior year, the firm earned $0.80 EPS. The business’s quarterly revenue was down 5.2% on a year-over-year basis. On average, research analysts anticipate that Occidental Petroleum will post 3.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Occidental Petroleum news, Director William R. Klesse acquired 5,000 shares of Occidental Petroleum stock in a transaction dated Tuesday, December 16th. The stock was bought at an average price of $38.98 per share, for a total transaction of $194,900.00. Following the transaction, the director owned 218,913 shares in the company, valued at approximately $8,533,228.74. This trade represents a 2.34% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.49% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Occidental Petroleum by 10.3% during the second quarter. Vanguard Group Inc. now owns 88,504,019 shares of the oil and gas producer’s stock worth $3,718,054,000 after purchasing an additional 8,273,030 shares during the period. Geode Capital Management LLC boosted its stake in shares of Occidental Petroleum by 22.0% during the 2nd quarter. Geode Capital Management LLC now owns 18,089,878 shares of the oil and gas producer’s stock valued at $756,796,000 after buying an additional 3,267,269 shares during the period. Dimensional Fund Advisors LP grew 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 valued at $436,008,000 after acquiring an additional 1,883,721 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Occidental Petroleum by 54.3% in the fourth 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 acquiring an additional 1,393,638 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Occidental Petroleum by 1,029.9% during the third quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer’s stock worth $70,580,000 after acquiring an additional 1,361,541 shares in the last quarter. 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.