UBS Group Forecasts Strong Price Appreciation for Occidental Petroleum (NYSE:OXY) Stock

Occidental Petroleum (NYSE:OXY) had its price target raised by stock analysts at UBS Group from $59.00 to $67.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas producer’s stock. UBS Group’s target price indicates a potential upside of 8.54% from the company’s previous close.

Other equities analysts have also issued reports about the company. Stephens lowered their target price on Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 14th. Seaport Research Partners assumed coverage on shares of Occidental Petroleum in a research note on Thursday, September 3rd. They set a “buy” rating and a $73.00 price target for the company. Truist Financial raised their price objective on shares of Occidental Petroleum from $57.00 to $63.00 and gave the company a “hold” rating in a research note on Monday, August 10th. Wall Street Zen upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, The Goldman Sachs Group decreased their target price on shares of Occidental Petroleum from $64.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, June 30th. Ten research analysts have rated the stock with a Buy rating and seventeen have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $65.17.

Occidental Petroleum Stock Up 0.4%

Shares of OXY traded up $0.27 during trading hours on Monday, hitting $61.73. The stock had a trading volume of 9,036,002 shares, compared to its average volume of 12,446,285. Occidental Petroleum has a 1-year low of $38.80 and a 1-year high of $67.45. The firm has a market capitalization of $61.71 billion, a P/E ratio of 9.56, a price-to-earnings-growth ratio of 0.96 and a beta of 0.16. The firm has a 50 day simple moving average of $57.33 and a 200-day simple moving average of $56.91. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13.

Occidental Petroleum (NYSE:OXY) last posted 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. The business had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The firm’s revenue for the quarter was up 53.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.39 EPS. Sell-side analysts predict that Occidental Petroleum will post 6.2 EPS for the current fiscal year.

Insider Transactions at Occidental Petroleum

In other news, CEO Richard Jackson acquired 4,770 shares of the business’s stock in a transaction on Tuesday, June 23rd. The shares were purchased at an average cost of $52.38 per share, with a total value of $249,852.60. Following the acquisition, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at $23,261,853.24. The trade was a 1.09% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. National Pension Service boosted its stake in Occidental Petroleum by 13.0% in the 4th quarter. National Pension Service now owns 1,084,356 shares of the oil and gas producer’s stock worth $44,589,000 after purchasing an additional 124,879 shares during the period. Berkshire Hathaway Inc bought a new position in shares of Occidental Petroleum in the second quarter valued at approximately $12,868,205,000. Public Employees Retirement System of Ohio purchased a new position in Occidental Petroleum during the second quarter valued at approximately $10,041,000. Swiss National Bank increased its holdings in Occidental Petroleum by 7.2% during the 1st quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer’s stock worth $140,947,000 after acquiring an additional 145,100 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in Occidental Petroleum by 4.1% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,685,169 shares of the oil and gas producer’s stock worth $109,536,000 after purchasing an additional 66,438 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 is an energy company engaged in the exploration, development and production of oil and natural gas. Its operations are concentrated primarily in the United States, including the Permian and DJ basins, and it also has international activities in regions such as the Middle East and North Africa.

The company operates through oil and gas, chemical and midstream and marketing businesses. Its chemical segment, OxyChem, manufactures and markets chlor-alkali products, vinyls and other basic chemicals used in water treatment, construction, industrial manufacturing and consumer products.