BMO Capital Markets Issues Positive Forecast for Occidental Petroleum (NYSE:OXY) Stock Price

Occidental Petroleum (NYSE:OXY) had its price target increased by BMO Capital Markets from $60.00 to $65.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The firm currently has a “market perform” rating on the oil and gas producer’s stock. BMO Capital Markets’ price target indicates a potential upside of 12.93% from the company’s current price.

Several other analysts have also recently weighed in on the company. Wells Fargo & Company upgraded Occidental Petroleum from an “underweight” rating to an “overweight” rating and boosted their price target for the stock from $47.00 to $69.00 in a report on Thursday, March 12th. HSBC boosted their price target on Occidental Petroleum from $59.00 to $68.00 and gave the stock a “buy” rating in a report on Friday, March 20th. Roth Mkm boosted their price target on Occidental Petroleum from $39.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, February 20th. TD Cowen boosted their price target on Occidental Petroleum from $48.00 to $54.00 and gave the stock a “hold” rating in a report on Monday, February 23rd. Finally, Zacks Research upgraded Occidental Petroleum from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 31st. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus price target of $59.74.

Occidental Petroleum Stock Performance

Occidental Petroleum stock opened at $57.56 on Tuesday. The stock has a market cap of $57.08 billion, a PE ratio of 35.72 and a beta of 0.23. The company has a quick ratio of 0.74, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The business’s 50-day moving average price is $53.96 and its two-hundred day moving average price is $46.44. Occidental Petroleum has a 12-month low of $34.78 and a 12-month high of $67.45.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results 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. The company had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $6.02 billion. Occidental Petroleum had a return on equity of 9.89% and a net margin of 9.14%.The business’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.80 earnings per share. As a group, analysts expect that Occidental Petroleum will post 3.58 earnings per share for the current fiscal year.

Institutional Trading of Occidental Petroleum

Several institutional investors have recently added to or reduced their stakes in OXY. Caitlin John LLC bought a new stake in Occidental Petroleum in the fourth quarter valued at 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 during the period. Rossby Financial LCC lifted its stake in 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. lifted 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 buying an additional 500 shares during the period. Finally, Binnacle Investments Inc acquired a new position in Occidental Petroleum in the third quarter valued at approximately $35,000. 88.70% of the stock is currently owned by 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.