Occidental Petroleum (NYSE:OXY) Upgraded to “Overweight” at Barclays

Occidental Petroleum (NYSE:OXY) was upgraded by analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research report issued on Tuesday. The brokerage presently has a $72.00 price objective on the oil and gas producer’s stock. Barclays‘s target price indicates a potential upside of 22.41% from the company’s previous close.

Other analysts have also issued reports about the stock. Bank of America raised their price target on shares of Occidental Petroleum from $44.00 to $45.00 in a research report on Tuesday, January 27th. Citigroup decreased their price target on shares of Occidental Petroleum from $67.00 to $62.00 and set a “neutral” rating on the stock in a research report on Friday, April 17th. TD Cowen raised their price target on shares of Occidental Petroleum from $48.00 to $54.00 and gave the stock a “hold” rating in a research report on Monday, February 23rd. Morgan Stanley raised their price target on shares of Occidental Petroleum from $73.00 to $74.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 21st. Finally, HSBC raised their price target on shares of Occidental Petroleum from $59.00 to $68.00 and gave the stock a “buy” rating in a research report on Friday, March 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $63.48.

Occidental Petroleum Stock Up 0.0%

Occidental Petroleum stock opened at $58.82 on Tuesday. The firm has a market cap of $58.50 billion, a price-to-earnings ratio of 14.82 and a beta of 0.17. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01. Occidental Petroleum has a fifty-two week low of $38.80 and a fifty-two week high of $67.45. The firm has a fifty day moving average price of $58.94 and a two-hundred day moving average price of $49.57.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.46. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.44 billion. Occidental Petroleum had a net margin of 19.98% and a return on equity of 9.65%. The business’s revenue was down 8.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.14 EPS. As a group, analysts forecast that Occidental Petroleum will post 5.33 earnings per share for the current year.

Institutional Trading of Occidental Petroleum

Several institutional investors have recently made changes to their positions in OXY. Woodline Partners LP boosted its position in shares of Occidental Petroleum by 40.7% during the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock valued at $2,817,000 after acquiring an additional 16,506 shares in the last quarter. Marshall Wace LLP acquired a new position in Occidental Petroleum in the second quarter valued at about $4,584,000. Federated Hermes Inc. boosted its position in Occidental Petroleum by 696.7% in the second quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock valued at $1,008,000 after buying an additional 20,985 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in Occidental Petroleum by 7.4% in the second quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer’s stock valued at $4,443,000 after buying an additional 7,285 shares in the last quarter. Finally, AXA S.A. boosted its position in Occidental Petroleum by 24.3% in the second quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock valued at $5,740,000 after buying an additional 26,741 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.