Occidental Petroleum (NYSE:OXY) Given New $59.00 Price Target at Barclays

Occidental Petroleum (NYSE:OXY) had its target price upped by Barclays from $55.00 to $59.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas producer’s stock. Barclays‘s target price suggests a potential upside of 2.91% from the company’s previous close.

Several other analysts have also recently weighed in on OXY. HSBC raised their target price on shares of Occidental Petroleum from $54.00 to $59.00 and gave the company a “buy” rating in a report on Friday, February 20th. Piper Sandler upgraded shares of Occidental Petroleum from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $54.00 to $66.00 in a report on Thursday. Argus raised shares of Occidental Petroleum to a “hold” rating in a research report on Friday, February 27th. Morgan Stanley dropped their target price on Occidental Petroleum from $51.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, January 23rd. Finally, Susquehanna lifted their price target on Occidental Petroleum from $51.00 to $60.00 and gave the stock a “positive” rating in a report on Friday, February 20th. Nine 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 MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $53.67.

Occidental Petroleum Stock Down 1.0%

Shares of NYSE OXY traded down $0.55 during mid-day trading on Monday, hitting $57.33. The company had a trading volume of 7,629,789 shares, compared to its average volume of 14,882,406. The company has a market capitalization of $56.54 billion, a PE ratio of 35.60 and a beta of 0.34. The business’s 50-day simple moving average is $47.53 and its 200 day simple moving average is $44.61. Occidental Petroleum has a 1-year low of $34.78 and a 1-year high of $59.15. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.74.

Occidental Petroleum (NYSE:OXY) last issued 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 the consensus estimate of $6.02 billion. Occidental Petroleum had a return on equity of 9.89% and a net margin of 9.14%.Occidental Petroleum’s revenue was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.80 EPS. On average, analysts predict that Occidental Petroleum will post 3.58 earnings per share for the current year.

Insider Activity at Occidental Petroleum

In other Occidental Petroleum news, Director William R. Klesse bought 5,000 shares of Occidental Petroleum stock in a transaction dated Tuesday, December 16th. The stock was acquired at an average cost of $38.98 per share, with a total value of $194,900.00. Following the completion of the acquisition, the director owned 218,913 shares of the company’s stock, valued at approximately $8,533,228.74. This represents a 2.34% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.49% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Hedge funds have recently modified their holdings of the stock. Carrera Capital Advisors increased its stake in shares of Occidental Petroleum by 0.5% during the fourth 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 during the period. Moody National Bank Trust Division boosted its holdings in Occidental Petroleum by 1.5% in the 3rd quarter. Moody National Bank Trust Division now owns 15,555 shares of the oil and gas producer’s stock valued at $735,000 after purchasing an additional 229 shares in the last quarter. Summit Securities Group LLC boosted its holdings in Occidental Petroleum by 18.5% in the 4th 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 in the last quarter. Apella Capital LLC increased its position in Occidental Petroleum by 3.4% during the 4th 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 during the period. Finally, Jamison Private Wealth Management Inc. raised its stake in shares of Occidental Petroleum by 1.8% during the 4th quarter. Jamison Private Wealth Management Inc. now owns 13,934 shares of the oil and gas producer’s stock worth $573,000 after buying an additional 249 shares in the last quarter. 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.