Mizuho Issues Positive Forecast for Occidental Petroleum (NYSE:OXY) Stock Price

Occidental Petroleum (NYSE:OXY) had its price target upped by analysts at Mizuho from $67.00 to $72.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the oil and gas producer’s stock. Mizuho’s price objective would suggest a potential upside of 24.19% from the stock’s current price.

OXY has been the topic of a number of other reports. UBS Group lifted their price objective on Occidental Petroleum from $49.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, March 5th. Wall Street Zen raised Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Wolfe Research lowered their price target on Occidental Petroleum from $55.00 to $54.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 21st. HSBC increased their price objective on Occidental Petroleum from $54.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Finally, Wells Fargo & Company raised shares of Occidental Petroleum from an “underweight” rating to an “overweight” rating and upped their target price for the stock from $47.00 to $69.00 in a report on Thursday, March 12th. Nine equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Occidental Petroleum currently has a consensus rating of “Hold” and a consensus target price of $54.05.

Occidental Petroleum Stock Performance

Occidental Petroleum stock traded up $0.72 on Tuesday, hitting $57.97. The company’s stock had a trading volume of 7,575,597 shares, compared to its average volume of 14,892,270. The company has a fifty day moving average price of $47.85 and a 200-day moving average price of $44.67. The firm has a market cap of $57.18 billion, a P/E ratio of 35.98 and a beta of 0.34. Occidental Petroleum has a one year low of $34.78 and a one year high of $59.15. The company has a quick ratio of 0.74, a current ratio of 0.94 and a debt-to-equity ratio of 0.73.

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

Institutional Investors Weigh In On Occidental Petroleum

A number of institutional investors have recently made changes to their positions in the stock. Caitlin John LLC bought a new stake in Occidental Petroleum during the 4th quarter worth approximately $29,000. Activest Wealth Management lifted its stake in Occidental Petroleum by 68.5% in the fourth quarter. Activest Wealth Management now owns 750 shares of the oil and gas producer’s stock valued at $31,000 after buying an additional 305 shares in the last quarter. Rossby Financial LCC boosted its holdings in shares of Occidental Petroleum by 155.0% in the fourth quarter. Rossby Financial LCC now owns 765 shares of the oil and gas producer’s stock valued at $31,000 after buying an additional 465 shares during the period. City Holding Co. increased its position in shares of Occidental Petroleum by 250.0% during the third quarter. City Holding Co. now owns 700 shares of the oil and gas producer’s stock worth $33,000 after acquiring an additional 500 shares in the last quarter. Finally, Binnacle Investments Inc bought a new stake in shares of Occidental Petroleum during the third quarter worth $35,000. 88.70% of the stock is owned by institutional investors and hedge funds.

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.