Truist Financial Initiates Coverage on Occidental Petroleum (NYSE:OXY)

Analysts at Truist Financial assumed coverage on shares of Occidental Petroleum (NYSE:OXY) in a research note issued on Tuesday. The brokerage set a “hold” rating and a $65.00 price target on the oil and gas producer’s stock. Truist Financial’s target price points to a potential upside of 7.78% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Argus raised shares of Occidental Petroleum to a “hold” rating in a research note on Friday, February 27th. Bank of America boosted their price objective on shares of Occidental Petroleum from $44.00 to $45.00 in a research note on Tuesday, January 27th. Weiss Ratings raised Occidental Petroleum from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, March 9th. Wall Street Zen upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Barclays boosted their price target on Occidental Petroleum from $55.00 to $59.00 and gave the company an “equal weight” rating in a research report on Monday, March 16th. Nine investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus target price of $55.59.

Occidental Petroleum Stock Down 0.7%

OXY opened at $60.31 on Tuesday. Occidental Petroleum has a 12 month low of $34.78 and a 12 month high of $61.37. The business has a 50-day moving average of $49.56 and a two-hundred day moving average of $45.10. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.74. The stock has a market capitalization of $59.81 billion, a price-to-earnings ratio of 37.46 and a beta of 0.34.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Wednesday, February 18th. The oil and gas producer reported $0.31 earnings per share for the quarter, topping 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 prior year, the firm posted $0.80 EPS. The company’s revenue was down 5.2% on a year-over-year basis. On average, research analysts expect that Occidental Petroleum will post 3.58 earnings per share for the current year.

Institutional Investors Weigh In On Occidental Petroleum

Hedge funds have recently modified their holdings of the stock. Carrera Capital Advisors lifted its position in Occidental Petroleum by 0.5% during the 4th quarter. Carrera Capital Advisors now owns 44,279 shares of the oil and gas producer’s stock worth $1,831,000 after acquiring an additional 227 shares in the last quarter. Moody National Bank Trust Division grew its position in Occidental Petroleum by 1.5% in the third quarter. Moody National Bank Trust Division now owns 15,555 shares of the oil and gas producer’s stock valued at $735,000 after acquiring an additional 229 shares in the last quarter. Summit Securities Group LLC raised its stake in shares of Occidental Petroleum by 18.5% during the fourth quarter. Summit Securities Group LLC now owns 1,469 shares of the oil and gas producer’s stock valued at $60,000 after purchasing an additional 229 shares during the period. Apella Capital LLC lifted its position in shares of Occidental Petroleum by 3.4% during the fourth quarter. Apella Capital LLC now owns 7,019 shares of the oil and gas producer’s stock worth $289,000 after purchasing an additional 233 shares in the last quarter. Finally, Jamison Private Wealth Management Inc. lifted its position in shares of Occidental Petroleum by 1.8% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 13,934 shares of the oil and gas producer’s stock worth $573,000 after purchasing an additional 249 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.