Occidental Petroleum (NYSE:OXY) Stock Price Expected to Rise, Truist Financial Analyst Says

Occidental Petroleum (NYSE:OXY) had its price objective boosted by equities researchers at Truist Financial from $57.00 to $63.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “hold” rating on the oil and gas producer’s stock. Truist Financial’s price objective suggests a potential upside of 7.37% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings downgraded shares of Occidental Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Wall Street Zen upgraded Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Saturday. The Goldman Sachs Group reduced their price objective on Occidental Petroleum from $64.00 to $60.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 30th. Zacks Research cut shares of Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Finally, Raymond James Financial lifted their price objective on shares of Occidental Petroleum from $64.00 to $75.00 and gave the company an “outperform” rating in a research report on Monday, May 4th. Ten investment analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $64.87.

Occidental Petroleum Trading Up 4.9%

NYSE OXY traded up $2.76 during mid-day trading on Monday, reaching $58.67. 4,821,981 shares of the stock were exchanged, compared to its average volume of 13,235,488. The stock has a market capitalization of $58.36 billion, a PE ratio of 9.08, a PEG ratio of 0.82 and a beta of 0.15. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. Occidental Petroleum has a 1-year low of $38.80 and a 1-year high of $67.45. The business’s fifty day simple moving average is $54.21 and its 200 day simple moving average is $54.48.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share 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 analyst estimates of $7.07 billion. During the same quarter in the prior year, the company posted $0.39 EPS. The business’s revenue for the quarter was up 53.4% compared to the same quarter last year. On average, research analysts anticipate that Occidental Petroleum will post 5.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Richard A. Jackson acquired 4,770 shares of the business’s stock in a transaction on Tuesday, June 23rd. The shares were purchased at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the acquisition, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. This represents a 1.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Occidental Petroleum by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock valued at $3,696,716,000 after buying an additional 699,137 shares in the last quarter. State Street Corp grew its stake in Occidental Petroleum by 2.1% during the 4th quarter. State Street Corp now owns 39,539,743 shares of the oil and gas producer’s stock valued at $1,635,263,000 after acquiring an additional 828,848 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Occidental Petroleum by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer’s stock valued at $771,949,000 after purchasing an additional 167,518 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Occidental Petroleum by 84.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock valued at $516,975,000 after purchasing an additional 4,882,834 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Occidental Petroleum by 21.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock worth $436,008,000 after purchasing an additional 1,883,721 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.